Alphavalue/DIVACONS | On Friday, the president of the financial institution, Carlos Torres, denied that an agreement had been reached with Banco Sabadell shareholder and director (add Target Price €3.97/share) David Martínez to participate in the takeover bid for the Catalan institution.
Martínez has written an article in El País and Cinco Días in which he states that the consolidation of Sabadell and BBVA will result in an institution that is ‘even more competitive, profitable and with greater potential for appreciation’.
Apart from Martínez, Blackrock, with a 7.23% stake, has not yet made a decision, and Zurich Insurance Group (add Target Price CHF 646), which holds a 4.97% stake in Sabadell, will not participate in the takeover bid.
On the other hand, BBVA and Sabadell have filed complaints against each other with the Spanish National Securities Market Commission (CNMV) for alleged malpractice involving Sabadell shareholders interested in participating in BBVA’s takeover bid.
We remind you that the takeover bid ends this Friday, 10 October.
BBVA: Add, Target Price €19.2 per share.
