The CNMV has revealed that only 2.8% of Sabadell shareholders with shares deposited in the bank have accepted the takeover offer from the banking giant BBVA.
Approximately 31% of Sabadell’s share capital is in the hands of clients who are also shareholders. It implies that an overwhelming 97.2% have rejected the offer, Catalan News reported.
In total, the shares offered in favor of the takeover represent only 1.1% of Sabadell’s total share capital.
The fate of the remaining shareholders has not yet been revealed and an announcement is expected on October 17, 2025.
If more than half of the shareholders accept the offer, BBVA would assume control of Sabadell.
On the contrary, if the acceptance rate is less than 30%, the offer will automatically be void.
However, BBVA has no shortage of options if the acceptance rate is between 30% and 50%.
In such a scenario, BBVA could launch a second hostile takeover bid, which would have to be in cash and have the approval of the CNMV.
Mexican investor David MartÃnez Guzmán expressed support for the merger, citing the potential for greater competitiveness, Bloomberg reported.
By contrast, Zurich Insurance has declined to participate, calling BBVA’s offer “unattractive.”
Sabadell has indicated that retail investors represent around 41% of its shareholder base, of which 80% are also clients of the bank.
BBVA recently set aside 8 billion euros ($9.4 billion) to finance a mandatory cash offer for Banco Sabadell, in case shareholders reject the proposed 17 billion euro ($19.9 billion) acquisition.
The CEO of BBVA, Onur Genc, ​​revealed this contingency plan in an interview with Reuters.
BBVA extended an offer to acquire Sabadell in April last year.
Last month, BBVA increased its acquisition offer by 10%, valuing Sabadell shares at 3.39 euros each.
“BBVA’s takeover bid achieves only 2.8% acceptance by Sabadell shareholders” was created and originally published by Retail Banker International, a brand owned by GlobalData.
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