Carlos Torres is confident the Spanish bank’s €10bn pursuit of its smaller rival will succeed
The chair of Spanish bank BBVA has declared that its hostile bid for rival Sabadell is “unstoppable” and should have little trouble overcoming regulatory or political challenges. The biggest European banking deal of the year is entering a crucial stage, with BBVA shareholders due to vote on raising additional capital to support the €10bn all-share tender offer at an extraordinary meeting next week.
The BBVA chair said Sabadell’s share price rise reflected investor expectation that his bank’s bid would succeed. However, a person close to Sabadell said the long bidding process made that outcome uncertain. “The overwhelming opposition to the transaction from almost every stakeholder group shows this is far from a done deal,” they added. “The impact of any transaction on competition in an already concentrated market in Spain is front of mind for stakeholders.
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