Banc Sabadell says none of its shareholders back BBVA takeover bid

The CEO of Banc Sabadell, César González-Bueno, said on Friday that the bank's shareholders consider BBVA’s takeover bid “worthless” at its current price.

The Catalan bank confirmed that none of its retail shareholders have accepted the Basque bank’s offer.

“It is very significant. This hostile bid at this price makes absolutely no sense,” he said.

Regarding the current stance of investors, González-Bueno said that the funds he recently met in London and New York expect BBVA to improve its offer.

“At this price, the offer is completely uninteresting. Since 2021, we have appreciated twelvefold, twice as much as BBVA, and since April 2024, when the takeover bid was launched, we have again appreciated twice as much as BBVA. And we have done this in line with other Spanish banks,” he explained.

Meanwhile, the bank’s chairman, Josep Oliu, said the goal is to create a regional Spanish bank, a plan that is compatible with building “European champions,” as supported by EU banking authorities.

“What kind of European banking system do we want? If each country ends up with only two big European banks, small and medium-sized businesses and ordinary people will not receive adequate service,” he said.

“I believe Europe will have important regional banks, strong and focused on their regions, and that is our project," he added. 

Banc Sabadell shareholders have until October 7 to decide on the takeover bid, although BBVA could still raise the offer price. The final decision is expected on October 14.