Mexico City /
In a meeting before more than 300 shareholders, Josep Oliu, president of Sabadell Bank I assure that the entity, maintaining its operation alone, generates greater value for its shareholders and brand; this with the intention of BBVA for trying to acquire the bank in Spain.
Oliu’s comments come after BBVA reconfigured its offer to add Sabadell to its operations; however, in a statement the institution pointed out that it is the European bank with the highest revaluation of its securities in the year.
Managers of the financial institution stated that they are confident that, in the future, profitability levels higher than the current ones will be achieved, which leads to an increase in the bank share value.
“Our strategy since 2021 has transformed the bank and its results, we are at maximum profits” and with “a solid capital position,” commented César González-Bueno, CEO of the institution.
Sabadell pointed out that the Board of Directors rejected BBVA’s previous merger proposal given that it significantly undervalued the institution’s project and its growth prospects as an independent entity.
The banking institution added that both Oliu and González-Bueno commented to the bank’s shareholders that BBVA’s offer has not changed over time, so they have decided to reject it.
“Both the president and the CEO have stated, in response to questions from shareholders, that the conditions of BBVA’s offer have not changed in this time,” Sabadell said.
The president of the institution stressed that given the hostile nature of the Public Acquisition Offer (takeover bid) from BBVA, the process will be long and may last until the middle of next year 2025.
It was on October 1st when BBVA, in a document sent to the Madrid Stock Exchange, made a modification to the hostile takeover bid, as a result of the payment of 0.08 euros per share to Sabadell.
Therefore, after applying said adjustment, the consideration offered by BBVA to Banco Sabadell shareholders under the offer becomes one newly issued ordinary share of BBVA for every 5,019 ordinary shares of the Catalan institution.
K.L.
