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…

Renta 4 | BBVA (BBVA) has confirmed in a significant event, following the Extraordinary General Shareholders’ Meeting held by Sabadell at which the sale of TSB and the distribution of an extraordinary dividend of 50 cents were approved, that it has decided to press ahead with its takeover bid for Sabadell. Assessment: We believe that this decision to go ahead is in line with expectations. Currently, the exchange ratio puts…

Link Securities | BBVA (BBVA) has opened the door to withdrawing its hostile takeover bid for Banco Sabadell (SAB) following the extraordinary shareholders’ meetings to be held by the Catalan bank on 6 August to approve the sale of TSB to Santander (SAN) and the subsequent distribution of an extraordinary dividend of €2.5 billion, according to the newspaper Expnasión. ‘There are no guarantees,’ said BBVA CEO Onur Genç in response…

Link Securities | BBVA executives have the option of modifying the terms of their bid to take control of Banco Sabadell, particularly the exchange ratio, which most analysts consider essential to make the offer attractive to the Catalan bank’s shareholders, given the current share price gap in Sabadell’s favour, according to today’s Expansión. The extraordinary dividend of €2.5 billion that Sabadell’s Board of Directors wants the bank’s Shareholders’ Meeting to…