BlackRock’s actively managed funds will attend BBVA’s takeover bid for Banco Sabadell
BlackRock’s actively managed funds with shares in Banco Sabadell plan to accept BBVA’s offer. According to ‘Bloomberg’, the participation of these funds in the capital amounts to 0.5% of the capital. Although the largest asset manager in the world is the main investor in the Catalan group with 7.4%, they control the bulk of it through passive funds, which limits their room for maneuver in the current uncertain operation.
Zurich Insurance, its second largest shareholder, warned earlier this week that its intention is to reject, considering that the proposal “does not represent an attractive proposal beyond the perspectives of the entity itself.” The firm, which is owner of around 5% of shares in the Vallesan entity is considered, in fact, by Sabadell as one of its partners of “strategic interest”, given that distributes its insurance products in Spain through of a joint venture with the bank. BBVA’s intention is to break these alliances once the operation is completed.
