BBVA formally submits Sabadell takeover bid and urges regulators
BBVA first formally presents the public takeover offer of Banco Sabadell National Commission for the Value Market (CNMV) and urge regulators. So it was in the communication sent to the market by the Vasco bank and I began to correct the clock that had marked the entity.
Now a period opens in which the ATM should verify the good consensus of the various authorities to begin the acceptance period of the public takeover offer. In total, he estimates the operation will extend to today.
“With this request for authorization, the information and characteristics of the offer envisaged in the previous announcement are confirmed, specifying that no changes have occurred with respect to such information”, reported the bench directed by Carlo Torresexcept as regards the authorizations requested.
The CNMV, in addition to its jurisdiction, will now have to authorize the takeover bid, but also many other bodies. «The offer will communicate to the relevant defense authorities the economic concentration resulting from the offer France and Marruecos“he reported. In the case of Marruecos you will also have to collect the approval from your central office in relation to the indirect change of control in the branch of the company concerned in Casablanca (Marruecos).
The other permission you will need to contact BBVA is that of European Central Bank (ECB) as supervisor of various Spanish entities. In any case, “it is clear that the effectiveness of the offer did not depend on the condition of obtaining” the authorizations of the Marruecos central bank and the ECB.
Regarding external subsidies that distort the internal market, BBVA will also submit the notification to the European Commission, although it demonstrates that the effectiveness of the work is not subject to that of Brussels to the authority.
Conditions of the offer
The BBVA option involves an all-stock transaction, in fact none at all, with a quota of 1 share of the new issue of BBVA for every 4.83 shares of Banco Sabadell. The offer includes a first 30% discount on April 29th (before receiving the news); 42% on the weighted average of prices of the last month; i.e. 50% on the weighted average of the prices of the last three months. Consuming, Sabadell will take away 16% of the resulting bank and should value it at 12,000 million euros.
Regardless of the economic conditions, BBVA launches this operation by leading the ‘catalanidad’ of Sabadell, with two operational offices and the Sabadell brand in regions «with significant commercial interests», in a clear reference to Catalonia. «The new bank will have a double operational headquarters in Spain: one in the Banco Sabadell corporate center in Sant Cugat del Vallès (Barcelona) and the other in Ciudad BBVA, in Madrid. BBVA believes that the integration of ambas entidades further increases Barcelona’s potential as a European “hub” for startups. It will maintain the use of the Sabadell brand, in combination with the BBVA brand, in those territories or commercial activities in which it may have a relevant commercial interest,” informed ATM in a statement.
