Sabadell Investors Need Clarity on BBVA Deal Conditions to Make Decision, Chair Says -- Market Talk

Dow Jones03-20

1027 GMT - Banco de Sabadell's investors should have all the information on the conditions the Spanish government might impose on the hostile takeover offer from BBVA before deciding how to vote, its chairman Josep Oliu says at a press conference ahead of its AGM in Barcelona. The offer, which was rebuffed by Sabadell and currently implies a discount, needs just under half of voting rights to pass. While the government can't stop the bid, it can legally block a merger, making Sabadell a BBVA subsidiary if it wins the shareholder vote. Sabadell doesn't expect its retail shareholders--which make up around half of its registry--to tender their shares, and institutional investors are expected to decide once the prospects are published, Oliu says at a press conference ahead of the bank's annual general meeting. But clarity is needed on whether imposed remedies could affect the offer's attractiveness, he adds. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

March 20, 2025 06:27 ET (10:27 GMT)

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