BBVA delays takeover bid: Sabadell shareholders won't vote until September.

MadridA new twist in the schedule for BBVA's hostile takeover bid for Banco Sabadell. Its plans have been delayed by a month, until the end of August, so the acceptance period won't open until early September, according to BBVA sources. The Valle del Cauca bank will hold a meeting on August 6th, where its shareholders will vote on the sale of TSB, its British subsidiary, and on a dividend increase.

has been working on this document for some time. and even the conditions imposed by the Spanish government have been included. Likewise, this scenario will prevent the acceptance period from being open in August. In the middle of the summer holidays, "it is more difficult for shareholders to exercise their right to exchange [shares]," the same sources explain.

The truth is that Torres himself acknowledged at the end of June that August was "a bad scenario for everyone." In fact, even the CNMV considers it more "appropriate" for the acceptance period to begin in September, with all the information on the table, market sources tell ARA. In any case, it was BBVA itself that decided to postpone the final update, and the CNMV has accepted it.

Why is the prospectus important?

This document is essential because it allows Sabadell shareholders, who must decide whether to exchange their shares, to understand the impact of BBVA's takeover bid, particularly in terms of synergies or cost savings, whether through workforce reductions or branch closures, but especially through technological integration. Once the prospectus is approved, BBVA must publish it in the press within a maximum of five days. During this time, it must also inform the CNMV of its intended schedule for Sabadell shareholders, that is, the acceptance period. The Bilbao-based bank could request an acceptance period of 30 to 70 days. Depending on this, the vote would be resolved in October or November (taking into account that the process is expected to begin in September).

Sabadell shareholders are the ones who, once the acceptance period opens, will have to decide whether to exchange their shares and, therefore, whether to support the transaction. BBVA needs at least 50.01% of Sabadell's shares to be sold by shareholders for the takeover bid to go through.

Upcoming meetings

The truth is that in the coming weeks, there are upcoming events that could shake up BBVA's plans. First, Banc Sabadell will present its results through June of this year this Thursday in Sant Cugat. The earnings presentation coincides with the Strategic Plan for the 2027-2030 period, through which the Valles-based bank aims to convince its shareholders that the best option, in its opinion, is to continue alone, or at least not to do so jointly with BBVA. A week later, on June 30th, BBVA will present its results for the first half of the year (between January and June).

But the calendar is marked, above all, by the meeting Sabadell shareholders have on August 6th. The bank chaired by Josep Oliu has called two General Shareholders' Meetings for shareholders to vote on whether to sell TSB, its British subsidiary, to Banco Santander. If this happens, they want Sabadell to distribute more dividends. In fact, shareholder remuneration has been one of the key battles in the takeover bid, and Oliu has used it as an incentive to discourage shareholders from considering a merger with BBVA attractive, thus derailing the takeover bid. Even Banco Santander's emergence with the purchase of TSB for €3.1 billion has been interpreted as a defensive move in the takeover bid. If the purchase of TSB is successful, BBVA will find itself facing a smaller bank. It will also prevent it from setting foot in the United Kingdom.