The CNMV warns that the result of BBVA's takeover bid for Sabadell will be known on the 17th.

BarcelonaIn the face of the war of statements about a possible second takeover bid when the current BBVA takeover bid for Banc Sabadell expires, the National Securities Market Commission (CNMV) has entered the scene. The regulator, in a climate of tension between the two banks involved, states that the result of the operation will be announced on the 17th, one week after the acceptance period ends, this Friday.

And in light of the various reports regarding the price of a hypothetical second takeover bid in the event that BBVA does not exceed 50.01% of Sabadell, waives this requirement, and obtains between 30% and 50%, the CNMV describes any information regarding the price as "mere speculation." It also reiterates in a statement that it is the CNMV that will inform the public about the so-called fair price—that of the hypothetical second takeover bid—and that will announce the criteria for calculating it. In any case, the body is expected to make the full announcement on the 17th itself.

In this regard, the body chaired by Carlos Basilio announces that it will exercise its "supervisory and sanctioning powers, if necessary, in compliance with applicable regulations, independently and with the priority objective of protecting investors and shares.

Second "senseless" takeover bid

In line with this topic, BBVA's head in Spain, Peio Belausteguigoitia, stated in an interview with ACN that "it makes no sense to expect a hypothetical second takeover bid" for Banc Sabadell, because "it has no advantage." He added that it is a "very unlikely" and "uncertain" scenario and that it offers "no advantage in terms of price, timing, or taxation."

On the other hand, the board members of the Association of Minority Shareholders of Banco Sabadell (AAMBS) – Jordi Casas Bedós (president), Juan Corominas Guerín (vice president), Joaquim Badia Casas (secretary), Juan Bril Combalia (treasurer) and Mr. Juan Bril Combalia (treasurer) and Juan Bril Combalia (treasurer) gathered today in front of the headquarters of Banc Sabadell in the co-capital of the western Vallés region "to demonstrate their support for the entity and reiterate their rejection of the BBVA takeover bid, the deadline for exchange of which ends this Friday, October 10," according to a statement.

With this action, the association reaffirms its position of not accepting BBVA's offer, considering that it "does not recognize the true value of Banco Sabadell or its shareholders, and is committed to the project of an independent, solid Banco Sabadell with its own identity, which continues to create value from its current business model." Therefore, it recommends shareholders maintain confidence in the Valle del Cauca bank and reminds them that no formal action is required: inaction is equivalent to opposing the takeover bid.

The AAMBS also shares the concern expressed yesterday by Banco Sabadell in its letter to the CNMV, requesting that potential market manipulation resulting from public statements about the acceptance of the takeover bid without a firm and irrevocable commitment be avoided.