BBVA has updated its offer to Banco Sabadell shareholders as part of the public takeover bid for the Catalan entity and now proposes to pay 0.29 euros in cash and deliver one new share for 5,019 of Sabadell , taking into account the dividends paid by the two entities in October. Until now, BBVA’s offer to Sabadell shareholders consisted of offering only one new share of the purchasing bank for 4.83 shares of Sabadell, on the condition that its holders accept the proposal to sell the securities.
Although BBVA warned from the beginning that this proposal could be adjusted, as it communicated this afternoon to the National Securities Market Commission (CNMV), if Sabadell or BBVA itself distributed a dividend. Knowing that Sabadell paid 0.08 euros per share to its shareholders this Tuesday and that BBVA will pay on October 10 an interim dividend of 0.29 euros per share, the largest in its history, the group chaired by Carlos Torres is updating update its purchase offer.
In this way, it begins to offer Sabadell shareholders 0.29 euros in cash and one newly issued BBVA share for 5,019 Sabadell shares for the simple technical adjustment of the offer taking into account the dividends paid this month by the two entities. This is in no way an improvement or downward correction, but rather a simple adjustment to preserve the initial proportion of the offer only, once it has received approval from the CNMV , BBVA intends to launch to Sabadell shareholders.
BBVA’s idea remains to take control of the Catalan entity if the owners of at least 50% of Sabadell’s capital decide to sell it, even if the opinion of the National Markets and Competition Commission (CNMC ) and the conditions that could be set to give the company the green light for the purchase.
