Torres (BBVA): "We accept the result and close this chapter."

Barcelona"We accept the result and close this chapter." BBVA Chairman Carlos Torres spoke out the day after learning of the failure of the takeover bid for Banc Sabadell. has not reached the minimum of 30% acceptanceThe setback has been a cold shower for the Bilbao-based bank, which hadn't expected to have such a low quorum. In fact, analysts had assumed an acceptance rate of at least 30%, and a second takeover bid was a given; even Banc Sabadell's chairman, Josep Oliu, assured this morning that they did not expect "such a resounding result."

Despite this outcome, when asked again about his continued presence at BBVA, Carlos Torres asserted—as he had been saying up until now—that he does not intend to resign. "I am not considering resigning; my continued leadership of the bank did not depend on this process; the board of directors unanimously made all the decisions in this process," the BBVA chairman emphasized. "But this [the failure of the takeover bid] is no reason to resign. On the contrary, the bank is on a very good trajectory and at its best, and I feel I have the full support of the board and the shareholders' meeting, and so does [CEO] Onur Genç," he concluded.

"At all times we did what we had to do, we presented an objectively attractive offer to the shareholders. [...] It is not the result we expected," Torres stated. "It is a missed opportunity for everyone, but speculating about what could have happened is worthless; we do not change the results; we accept it."

Furthermore, Torres considered that the speculation that has been made in recent weeks may have influenced the result. "The acceptance has been lower than we expected and this may be due to many reasons, also due to the expectation of a second takeover bid. The institutional funds that had informed us that they would accept the offer, we believe, have kept their word, and more minority shareholders have not accepted it," he stated.

A shower of dividends and "refreshing" the law

In the face of the defeat, BBVA has been quick to announce that it is rapidly resuming its shareholder remuneration plan. The bank expects to have €36 billion available to distribute by 2028. "In the short term, BBVA will have approximately €13 billion available to distribute to shareholders," he explained in a statement. "Within the framework of our financial objectives and having overcome the restrictions arising from the transaction, we are accelerating our shareholder remuneration plan," emphasized BBVA CEO Onur Genç.

Torres also considered it appropriate to review the takeover bid law. "I think it has become clear that the legislation needs, at the very least, an update," he stated. "We have seen throughout this process that there have been certain articles that are not sufficiently clear and are subject to interpretation and ambiguity," affirmed the BBVA chairman, who also noted that there are other situations that are not "properly covered."

He also called for a "reflection" on the behavior of index funds, which "had a significant influence" on this transaction. "Other legislation treats them better, because funds are allowed better information on how their acceptances are going and a subsequent re-enrollment period," explained the BBVA chairman.

BBVA's takeover bid for Banc Sabadell fails: all the details and reactions to the deal | LIVE