BBVA's Altered Sabadell Offer Might Not Please Some Investors -- Market Talk

Dow Jones10-02

0645 GMT - BBVA's revised takeover offer for its peer Sabadell illustrates how the deal's components can be adjusted as it drags on, with no change to the absolute consideration, RBC Capital Markets says in a note after the Spanish bank tweaked the terms to take interim dividends into account, adding an around 3% cash component. "We expect some investors will not have appreciated that the offer could morph over time," analysts write. The original offer contained a clause to adjust for the payment of dividends, they add. The longer the deal gets delayed, the higher the cash proportion of the offer would become, increasing the cash component to 7% by April, when BBVA usually pays its full-year dividend, the analysts say. The story could run until 2H 2025, they say. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

October 02, 2024 02:45 ET (06:45 GMT)

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