The bank’s offer was met with opposition from the Government of Spain, but the European Central Bank gave it the green light on September 5.
According to Spanish law, the Government cannot stop the takeover bid, but it has the final say when authorizing a merger between the two entities. The acquisition must also be authorized by the CNMV and the National Markets and Competition Commission (CNMC).
In recent months, Sabadell has rejected BBVA’s proposal to make the acquisition. Sabadell argues that BBVA is not offering what the bank is worth and recently told shareholders that it has better forecasts in 2024 and 2025.
The president and CEO of Sabadell, César González-Bueno said that the bank will pay 2.9 billion euros between 2024 and 2025 and that the profitability forecasts were updated.
