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Bond Market News
Sabadell Rejects BBVA’s Merger Offer
May 7, 2024
Banco Sabadell’s board rejected an all-stock merger proposal by BBVA for a €12bn ($12.93bn). It said that the offer significantly undervalues the potential of Sabadell and its growth prospects. BBVA had offered an exchange ratio of one new BBVA share issued for every 4.83 Sabadell shares, at a premium of 30% over April 29 closing prices. This is not the first time that BBVA and Sabadell have called off merger talks. In November 2020, their merger talks fell through as they did not agree on the terms, including the price. Both BBVA and Sabadell’s bonds remained stable.
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