BBVA + Sabadell – In the Making
Jefferies | BBVA (Buy) submitted an offer for Sabadell (Restricted) less than 24 hours after BBVA’s interest was leaked to the press. The deal implies c4% EPS enhancement and a 30bps capital cost for BBVA, in line with our baseline published yesterday (3% and -20bps respectively) as the higher premium (30%) is offset by larger cost synergies (€850m vs. our €550m estimate). Deal logic is sufficiently clear and valid for…
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