Link Securities | Mexican businessman David Martínez, one of Banco Sabadell’s (SAB) main shareholders, has asked BBVA (BBVA) to improve its current offer price, according to Expansión newspaper.
Martínez, who acquired a stake in SAB more than a decade ago, controls 3.8% of the bank, behind BlackRock (6.9%) and Zurich (4.9%). In Martínez’s opinion, and as he ‘requested to be recorded’ in the SAB Board report, ‘the transaction presented by BBVA is the right strategy for both institutions, although at a price that currently makes it unfeasible. For this reason, I agree with the rejection of the Offer and have decided not to participate in it.
’‘I consider it imperative that the Spanish and European banking system continue its consolidation process, and this transaction offers its shareholders that path. The measures adopted by the Spanish government will inevitably delay this process of economic efficiency, and I hope that the ever-changing political landscape will reconsider the restrictions imposed in the event of a successful transaction,’ said the businessman.
‘With regard to the price, I respectfully request that BBVA reconsider and submit a competitive offer at a price that will allow for the acceptance of at least 50% of SAB shareholders. With regard to the content of the report, given that I do not share some of the opinions and arguments expressed, I prefer to abstain,’ he said.
