Small Sabadell shareholders demand clarification of the relationship between investor David Martínez and BBVA.

The association chaired by Jordi Casas suggests that the director of the Catalan bank could have joined the takeover bid for the Basque bank thanks to "possible hidden agreements" between the parties.

Banc Sabadell and BBVA offices, side by side, on Rambla del Poblenou, Barcelona. PERE VIRGILI
02/10/2025
2 min

BarcelonaThe battle between BBVA and Banc Sabadell opens a new chapter led by the Association of Minority Shareholders (AAMBS). This organization, chaired by Jordi Casas, is demanding clarification of the relationship between the Basque bank and the Catalan financial institution's third largest shareholder, Mexican investor David Martínez Guzmán, who announced his acceptance of BBVA's takeover bid. The dispute is growing as the takeover bid period expires on the 10th.

In addition to calling him a speculator, this organization does not rule out the possibility that Martínez's decision "is linked to an agreement with BBVA, which could include undisclosed compensation." Therefore, they state that "this matter should be clarified with complete transparency so as not to undermine the confidence of minority shareholders." They point out that the businessman, a Sabadell shareholder since 2013, "has invested in complex and risky markets such as Argentina, Venezuela, and Mexico, and also in companies (Telecom Argentina, Televisa) that have received financing from BBVA." "These ties raise suspicions of potential conflicts of interest that should be cleared up," they say.

The Association recalls that Martínez "has repeatedly demonstrated an investment pattern focused on acquiring very depressed securities and divesting when the securities have recovered and cease to be high-risk, without taking into account the long-term vision or the interests of the bank, its clients, or its small shareholders." They also assert that, as he is not a resident of Spain, he does not bear the same tax burden as other Spanish investors, who will have to pay personal income tax if there is a second takeover bid because BBVA does not obtain more than 50% of Sabadell's capital in the first.

CNMV sanction

They also take the opportunity to remind that this investor He was fined 300,000 euros, "a sanction later upheld by the Supreme Court for failing to timely disclose its stake in Sabadell. A serious incident that reflects a breach of current regulations."

This organization is concerned that just a few days ago, the Mexican investor joined the Sabadell board in rejecting the takeover bid, considering the price insufficient. And now, after BBVA increased its offer by 10% last week, "he supports it, citing strategic reasons and relegating economic value to a secondary level." In the Association's opinion, "these swings are contradictory and raise legitimate doubts about its true motivations."

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