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Bond Market News
Sabadell Rules Out M&A Defence Against Takeover Bid; Upgraded to BBB
May 30, 2024
Banco Sabadell has ruled out any M&A defence against the takeover bid by BBVA, according to its CEO Cesar Gonzalez-Bueno. He added that the bank was not looking to acquire anything nor was it looking to sell TSB. Sabadell’s management has reached out to retail shareholders, who own 50% of its shares, in order to convince them that the company had excellent prospects and it was better off if left alone. Sabadell had earlier rejected BBVA’s merger offer for €12bn ($12.93bn) highlighting undervaluation post which BBVA placed a hostile takeover bid of €12.23bn ($13.1bn).
In related news, Sabadell was upgraded by a notch, to BBB from BBB- by Fitch. The upgrade reflects structural improvements in Sabadell’s profitability and capitalization benefitting from business restructurings, higher interest rates and improved performance of its UK subsidiary.
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