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Bond Market News
Sabadell CEO Says BBVA’s Acquisition Offer is Too Low
July 29, 2025
Banco Sabadell CEO César González‑Bueno has described BBVA’s acquisition offer as too low, rendering any strategic combination impractical unless the bid is substantially improved or withdrawn. BBVA had offered one newly-issued share and €0.70 in cash for every 5.3456 ordinary shares of Sabadell. That valued Sabadell at about €13.6bn, vs. its market value of €15.6bn on Friday. This comes as Sabadell’s shares have surged 70% since BBVA’s bid for the company in May 2024, placing the offer at a discount to current market value. KBW analyst Hugo Cruz said that BBVA would have to increase the cash component to at least €1.00/share” of Sabadell if the bid has to succeed. As per Bloomberg’s calcuations, every €1/share would amount to roughly €5.3bn. Under Spanish government restrictions, full integration with BBVA would be prohibited for 3-5 years. Sabadell’s CEO also argued that state and public sentiment opposed the bank’s consolidation, and that major investors were unwilling to back BBVA’s current terms.
BBVA’s USD 5.125% 2033s are trading stable at 96.7, yielding 6.6%. Sabadell’s EUR 6% 2033s are also trading steady at 107.2, yielding 3.3%.
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