“He price offered is significantly lower At the value of Banco Sabadell project alone, “says the fourth bank of Spain in a document released by the Spanish stock market regulator.
“The total remuneration scheduled to Banco Sabadell’s shareholders in the next three years, between dividends and repurchases, is clearly superior to the one they would receive accepting the current offer,” he adds.
In another document, Sabadell announced an increase in the remuneration objective for its shareholders in exercise 2025, of 1.3 billion euros (about 1.5 billion dollars) to “around 1,450 million euros.”
The day before had been BBVA who had announced the payment of an exceptionally high dividend, from which the new shareholders that decide to take advantage of the OPA that must conclude on October 10 could also benefit.
“The Banco Sabadell Board of Directors believes that the current OPA will obtain a very low level of acceptance,” he considered, however, the Catalan entity.
But the decision of the Board of Directors on Tuesday was not unanimously adopted. The Mexican David Martínez Guzmán announced on his side the intention of giving his shares to BBVA and those of the Fintech Europe Fund, which he represents, which represents 3.86% of the capital of Sabadell.
BBVA’s offer values his Catalan rival at approximately 17,000 million euros.
The BBVA OPA, the second bank of Spain with more than 78 million customers in 25 countries and a strong presence in Latin America, could lead to a European giant in the sector.
Seeking to frustrate the operation, Sabadell sold its British subsidiary TSB to Santander for 3,100 million euros and promised record remuneration to its shareholders, thanks in part on that sale.
The outcome of this operation is very uncertain due to the multitude of small shareholders of Sabadell.
