He BBVA collapses more than 6% in the stock market session this Thursday, in which it has launched a public acquisition offer (OPA) voluntary for the entire Sabadell Bank which, for its part, rises almost 5%.
At 9:15 a.m., BBVA securities lead the losses of the entire Spanish market, falling 6.01%, to 9,672 euros per share. For their part, those from Sabadell, the most bullish, rose 4.78%, to 1.887 euros.
Before the opening of the market, BBVA has announced a takeover bid for Banco Sabadell, an operation that contemplates the same conditions as the takeover proposal which was presented by the bank led by Carlos Torres on April 30, and which It was rejected by the Catalan bank a few days ago.
The consideration offered by BBVA to Sabadell shareholders is one newly issued share for 4.83 shares of the Catalan bank.
Likewise, the consideration in shares would be equivalent to a cash price of 2.12 euros per share, the weighted average of Sabadell’s price in the quarter prior to the formulation of the offer, above the current price of the Catalan bank in the market, which yesterday closed at 1.805 euros.
The price quoted by BBVA would mean valuing Sabadell at just over 11,530 million euros, compared to its current capitalization that is close to 9,790 million euros.
The Government rejects the takeover bid
After learning about the takeover bid, the Government has shown its rejection “both in form and substance” and considers that this operation “introduces potential harmful effects on the financial systemor Spanish”.
Link Securities analysts explain that after BBVA maintained the same conditions in the takeover bid as those offered to the Sabadell board on April 30, which were rejected, now “The ball is in the court of Sabadell shareholders, who will be the ones who determine whether the operation goes ahead or not.
The same experts They expected that BBVA shares would receive the news with declines, while those of Sabadell will revalue, thus adjusting the exchange equation.
Renta4 experts explain that the takeover price “is not attractive” and they say that they would not accept the offer.
