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BBVA launches $13 billion hostile bid for Sabadell

CNBC — May 9, 2024, 09:00 AM UTC

Summary: BBVA made a 12.23 billion euro takeover bid for Sabadell, despite Sabadell's board rejecting it. BBVA's offer includes a 30% premium over April 29 closing prices, with an exchange ratio of 1 BBVA share for every 4.83 Sabadell shares. This move aims to create a larger bank in Spain's market. Hostile takeovers are uncommon in European banking. Spanish banks seek revenue growth due to declining interest rates.

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Timeline:

  1. [3.8]
    BBVA launches hostile bid for Sabadell, aiming to merge (CNBC)
    11d
    Source
  2. [4.2]
    BBVA launches hostile bid for Sabadell at €10.94bn (Financial Times)
    11d
    Source
  3. [4.1]
    Sabadell rejects BBVA merger proposal, citing undervaluation (CNBC)
    13d
    Source
  4. [2.9]
    Banco Sabadell rejects €12bn bid from BBVA (Financial Times)
    14d
    Source
  5. [3.8]
    BBVA targets $10 billion Sabadell merger (CNBC)
    19d
    Source
  6. [4.4]
    BBVA plans to acquire Banco Sabadell for €70bn (Financial Times)
    20d
    Source