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Bond Market News
BBVA Investors Approve Bid for Sabadell
July 8, 2024
BBVA’s investors voted to support the lender’s bid for rival bank Banco Sabadell. This was approved by 96% of the investors during an extraordinary shareholder meeting. The next steps involve BBVA needing approval from domestic and international regulators including the ECB. Sabadell’s leadership had earlier rejected the offer noting that it undervalued the firm and underestimated associated costs and the capital hit. The Spanish government has also said that it is not in favour of the deal. BBVA is offering one newly share for every 4.83 Sabadell shares, with an implied valuation of €11.5bn at the time of making this offer. Both banks’ bonds were trading stable.
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