BBVA - Banco Sabadell: the takeover bid and the poker

BarcelonaBBVA's takeover bid for Sabadell is beginning to resemble the one launched by the former Gas Natural (now Naturgy) in 2005 for Endesa. danger to Catalanize an Endesa that ultimately ended up in Italian hands (Enel).

Today, after digesting the limitations imposed by the Spanish government, such as the impossibility of a merger for three years, BBVA announces that it is maintaining a project that is opposed by everyone from the Spanish and Catalan governments to the business and economic world of the Principality. One, due to the loss of the only major bank based in Catalonia – it returned it a few months ago in the midst of the fight over the takeover bid – and two, to further reduce a market that tends towards oligopoly.

Sabadell's next move may be to sell its British subsidiary, TSB, and promise to distribute more profits to shareholders. But the bank of Basque origin is countering because it perhaps believes it can convince them, who knows, maybe by improving its offer. Everyone plays their cards and in time we will see if someone goes from lantern.