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Bond Market News
BBVA To Launch €14.9bn Hostile Bid for Sabadell
September 8, 2025
BBVA is said to launch a €14.9bn ($17.5bn) hostile takeover bid for its rival, Sabadell, after receiving approval from Spain’s market regulator. The all-share offer, which includes a small cash component, is set to begin today and will run for 30 days. The deal has been deemed hostile because it was initiated without the agreement of Sabadell’s board, which has publicly rejected the offer, stating it significantly undervalues the bank. If successful, this would create Spain’s second-largest bank by assets. BBVA aims to secure a majority of voting rights, and the bid is contingent on reaching a minimum acceptance of 50.01% of Sabadell’s shares. While the Spanish government has expressed opposition and imposed conditions, such as preventing a full merger for at least three years, the bid has received a green light from other regulatory bodies, including the ECB. The outcome of the bid largely depends on Sabadell’s dispersed minority shareholders, who hold roughly half of the bank’s share capital. Sabadell’s chairman said that the offer was worse than BBVA’s earlier offer.
BBVAs 5.381% 2029s are trading slightly higher by 0.3 points at 103.9, yielding 4.2%. Banco Sabdadell’s EUR 4.0% 2030s were also higher by 0.3 points at 103.9, yielding 3%.
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