Alphavalue/DIVACONS | The financial institution chaired by Carlos Torres announced to the National Securities Market Commission (CNMV) that it is moving forward with its takeover bid for Banco Sabadell (SAB) (add Target Price €3.74/share), despite the recent confirmation of the sale of TSB for €3.1 billion and the approval of the €2.5 billion macro dividend.
BBVA will update its offer at the end of August or early September. Some analysts expect an improvement in the offer of up to €2 billion due to the fact that the premium has fallen from an initial +30% to the current -6%. Financial calculations suggest that BBVA would have a capital buffer of up to €4.4 billion.
