Renta 4 | BBVA (BBVA) has confirmed that the acceptance period will begin in early September.
The aim is for the prospectus to include both the results for the first half of 2025 and those of the Extraordinary General Shareholders’ Meeting of Banco Sabadell (SAB), where the sale of TSB and the distribution of the extraordinary dividend of €0.5 per share will be submitted for approval.
Assessment: This decision avoids having to approve a prospectus with two possible scenarios, with and without the sale of TSB, as suggested by the chairman of the National Securities Market Commission (CNMV), and should help Sabadell shareholders, who will have more clear information.
Furthermore, the fact that the process is starting in September means that the acceptance period is likely to be 30 days, rather than the 70 days initially envisaged in order to avoid the month of August.
Our base scenario is that once the acceptance period has begun, BBVA will improve its offer to ensure that it reaches the 50% required for the takeover bid to be successful. At yesterday’s closing prices, the exchange ratio values Sabadell at -13.4% below.
BBVA. Hold, Target Price €14.14/share; Banco Sabadell, Overweight. Target Price €3.29/share
