Alphavalue/Divacons | The president of the Spanish National Securities Market Commission (CNMV), Carlos San Basilio, has opened the door to supporting a review of the Royal Decree on the takeover bid regime, popularly known as the Takeover Bid Law, following the confusion and difficulties highlighted by the BBVA (BBVA) and Banco Sabadell (SAB) case.
San Basilio pointed out that, although the Royal Decree has been useful, ‘perhaps, like any text, it could be revised’ to clarify drafting errors and difficulties of interpretation, although he considers that the process would be more appropriate outside a highly publicised context such as that of a large takeover bid.
On the other hand, Banco Sabadell’s resident, Josep Oliu, admitted that the bank’s executives expected BBVA’s takeover bid (BBVA) to obtain a 30% acceptance rate, stating: ‘In the last three days, we were convinced that there would be a second takeover bid.’
Banco Sabadell: Add, Target Price €3.93/share.
BBVA: Add, Target Price €18.7/share.
