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Bond Market News
GQG Exits BBVA Stake over Sabadell Merger
October 21, 2024
GQG Partners has sold its stake in BBVA due to the latter’s hostile merger bid for local rival Banco Sabadell. GQG is among the biggest shareholders in BBVA with a stake of ~3%. As per an FT report, GQG is said to have told BBVA’s management that the merger would be very time consuming and distracting, and would also dilute its exposure to emerging markets. The bid for €12.23bn ($13.29bn) turned hostile in May after Sabadell’s board rejected the initial proposal. While the Spanish government against the deal, the ECB gave its approval. Spain’s stock market adviser CNMV and antitrust watchdog CNMC are yet to authorize the deal. While the Spanish government cannot stop a bid from being made, it has the final word on whether a merger goes ahead.
Both BBVA’s and Sabadell’s dollar bonds traded steady.
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