BBVA-Sabadell: a takeover bid or a war?

BarcelonaAt Banc Sabadell there was an air of euphoria after the two meetings last week, with which it made a show of strength by achieving the support of almost 100% of participating shareholders to sell its British subsidiary TSB and distribute a €2.5 billion extraordinary dividend.

Many assumed that BBVA would throw in the towel. Not only has it not done so, but in addition to reiterating this week that it is moving forward, it turns out that it filed a lawsuit before the Supreme Court a month ago. the conditions imposed by Pedro Sánchez's government, who are holding up the operation.

Those most opposed to the takeover bid remain convinced that it's only a matter of time before the bank chaired by Carlos Torres backs down. The strategy now would be to project an image of determination, of fighting to achieve the objective. In any case, the bank will have until five days before the end of the takeover acceptance period to withdraw. It will then have determined whether or not it can reach the self-imposed minimum of 50.01% shareholder support.