The CEO of Bank Sabadell, César González-Buenocriticized the BBVA for the changes that have occurred in his speech since he announced the Takeover bid. He gave as an example that “at the beginning, there would only have been savings thanks to IT”. [tecnología] and now they have recognized that 4,000 people will take to the streets”, adding that “with the pressure of the market, it is normal that BBVA is in a hurry”.
“At first there was just cost savings through IT and now they have recognized that 4,000 people will go onto the streets.. Before there was no risk that there would be no merger, now there is. Before we said that there would be the same synergies with or without a merger, now we do not detail the synergies without a merger because it is unlikely. Before the CNMC I was going to approve the operation in phase 1 of course, of course, of course. Now phase 1 is no longer so certain. Time gives us the information that they did not give us at the beginning,” denounced González-Bueno.
OKDIARIO announced in July that the 300 million personnel synergies proposed by BBVA required the dismissal of 4,000 employees. “A week ago, BBVA informed THE SECOND What would be the saving due to people leaving, you do the opposite and these 4,000 leave,” confirmed the CEO of Sabadell.
The CEO of Sabadell made these comments to illustrate that, between the resolution of the tender offer as soon as possible and the availability of the market information necessary to make the decision, it must prevail. “HOh, we have to put all the cards on the table. When this happens, the sooner the better. But now, shareholders do not have the necessary information to make a decision,” he added.
NOWIf your value is reduced by 10 billion [lo que ha bajado el BBVA en Bolsa desde el anuncio de la OPA]and you are with many market pressure and you can’t do share buybacks, it makes sense that you’re in a hurry,” he admitted.
Shareholder position
These are not the only attacks against the BBVA of González-Bueno during the presentation of the results of Sabadell until September: “Someone said that all the shareholders were in favor of the tender offer and it turns out the only one who spoke wasn’t. Many shareholders are not in favor of private conversations. Not everyone thinks the same thing. “I don’t see as much enthusiasm among investors when 10 billion of value has evaporated.”
“Those who demonstrate with the most emotion against the takeover are the shareholders of Sabadell’s entire life, who maintain a sentimental bond. Institutionals are much more analytical. They tell us that they have not made a decision,” he replied about back that they receive from their shareholders.
Concerning the question of whether the operation must be analyzed by the CNMC (National Commission for Markets and Competition) in phase 1 or in phase 2, depending on whether it is a complex operation or not, it has ruled that “sIf this isn’t a complex operation to move to phase 2, I don’t know what will be.
González-Bueno also asserted that “there is no price» in the public purchase offer, since primewhich is currently around 2%, is “very weak, practically non-existent”, and he recalled that it is an “unfriendly” offer.
“If the day before the decision is made they send you a letter and tell you that this is the offer and it cannot be negotiated, that is not very friendly,” he said, referring to the letter sent by the president of BBVA. Carlos Torresin Sabadell, Joseph Oliuon Sunday May 5, the day before the decision of the board of directors on the offer and the triggering of the hostile takeover announcement a few days later by BBVA.
