BBVA and Banco Sabadell, together with their shareholders, remain awaiting the results of the public acquisition offer (OPA), the phase of which ended last Friday. Full details on the acceptance of the offer will be revealed on October 17, as reported by the National Securities Market Commission (CNMV).
The CNMV saw the need to clarify this calendar “given the contradictory information” regarding the next steps of BBVA’s takeover bid. The actions that will be taken as a result of this offer will be disclosed to the market on the same date of publication.
One of the possible repercussions of the results of the takeover bid could be that BBVA must launch a mandatory offer, in accordance with the Royal Decree that regulates these operations. If BBVA achieves a 30% participation, but does not reach 50% acceptance, it could choose not to meet the minimum threshold and remain within that margin. However, this would require it to carry out a second takeover bid for Sabadell’s remaining capital, in cash or with a cash alternative, at a fair price.
If this situation materializes, the CNMV would announce the criteria to establish the fair price, which could not be lower than that determined by the offeror.
In recent days, there have been variations in estimates regarding the possible acceptance of the takeover bid. In a recent interview with Europa Press, Carlos Torres, president of BBVA, expressed his confidence in exceeding 50% and even reaching 60% acceptance.
According to Torres, it is expected that active investment funds have participated fully, representing 30% of Sabadell’s capital. Passive funds would contribute 10%, to which is added almost 4% from David Martínez Guzmán, proprietary director of Banco Sabadell. With these figures, the expectation is that acceptance exceeds 50%.
For their part, Banco Sabadell and its CEO, César González-Bueno, consider it difficult to reach even 30% acceptance. “It is very difficult for them to reach 30% and, if they reach 30%, it will be by the skin of their teeth. The logical thing is that the board itself decided not to move forward because it would put BBVA itself at risk,” González-Bueno declared in an interview with Europa Press.
In addition to David Martínez, the Mexican investor and proprietary director of Banco Sabadell with about 4% of the shares, only Zurich has publicly declared its position, announcing that it will not participate in the exchange.
