Aurelio Medel (5 Días) | The head of Unicredit accelerates acquisitions to maintain profit growth and attempt to lead European consolidation. Andrea Orcel took over Unicredit with the stock below 10 euros and has driven it above 40. However, shares of the second Italian bank began to show signs of fatigue in the summer, and not only because it has already quadrupled its value. It is also due to the…
Alphavalue/ Divacons | Peio Belausteguigoitia, BBVA’s country manager in Spain, said that having bigger and stronger banks is beneficial for customers, shareholders and employees. During his speech at the 2nd Prensa Ibérica Financial Forum, he stressed that the transaction with Banco de Sabadell has great potential for value creation and will allow the integration of an entity with greater capacity to offer better products and services to customers. Regarding the…
Link Securities | According to financial sources close to the process, the European Commission (EC) gave its approval to BBVA’s takeover bid for Banco Sabadell (SAB) after verifying that BBVA will not benefit from aid from third countries to take over Sabadell, according to the newspaper Expansión. On 21 October, the European Commission (EC) Directorate-General for Competition opened proceedings against BBVA to explore the existence of potential subsidies from foreign…
Link Securities | The National Markets and Competition Commission (CNMC) published on Wednesday the arguments that led it to agree a week ago to extend a few more months the evaluation of the hostile takeover bid launched by BBVA on Banco Sabadell (SAB), as reported by the newspaper Expansión on Thursday. The CNMC says it sees a risk that the takeover bid could reduce banking competition in Catalonia and Valencia…
The National Commission on Markets and Competition (CNMC) has moved BBVA’s takeover bid for Sabadell to Phase 2. The agency will continue analyzing the operation while extending the analysis period by another three months to allow new stakeholders to voice their opinions. The government will now have the authority to demand additional conditions based on the general interest or even veto the merger. This decision comes despite BBVA offering a…
Bankinter: BBVA’s (BBVA) takeover bid limits Banco Sabadell’s (SAB) potential until the outcome is known, in 1Q2025? Bankinter’s analysis team’s opinion: Sabadell surprises positively in results, with excess capital and an interesting shareholder remuneration plan (€2.9bn in 2024/2025 via dividends and share buybacks). We revise our Target Price to €2.25/share (vs. €2.20/share b.y.), but we maintain our recommendation to Neutral because BBVA’s takeover bid limits Sabadell’s potential until we know…
Link Securities | The Spanish bank has already attracted 580,000 customers in Italy in the three years it has been operating in the country’s retail segment, on its way to achieving the target of 600,000 customers it had set itself for the whole of 2024, Expansión newspaper reported yesterday. The bank arrived in Italy in 2021 with a digital model and a five-year growth plan that set a target of…
Link Securities | BBVA (BBVA) will have to sell part or all of its stake in Banco Sabadell (SAB) if the takeover bid succeeds but the National Markets and Competition Commission (CNMC) decides not to authorise the merger and its ruling is known after the end of the acceptance period, according to the updated prospectus for the deal submitted on Tuesday to the US regulator SEC, reports Expansión on Thursday….
Link Securities | BBVA’s Board of Directors has approved the pre-financing of €1.5 billion in convertible bonds (CoCos), bringing forward the 2025 issues to reach the key moment of the takeover bid for Sabadell with sufficient liquidity, according to the newspaper Expansión. The newspaper points out that BBVA has already covered all of this year’s issues, but that when the takeover bid becomes effective, the bank will enter a blackout…
Link Securities | The CEO of BBVA (BBVA), Onur Genç, said that the merger between the bank and Banco Sabadell (SAB) ‘is a textbook operation, ideal for everyone’, according to the Bolsamanía portal. Genç explained that the strong correlation between the share prices of the two banks reflects that the offer is solid and supports the value of Sabadell. He said this during his participation in the 15th Financial Forum…