"The hostile 17 billion ($19.96 billion) takeover bid launched by BBVA against the smaller Banco Sabadell in April 2024 only convinced 25.33% of Sabadell shareholders, short of the minimum 30% of voting rights required to go ahead with the operation, Spain's market regulator CNMV said in a statement on Thursday. As a result, the public offer has had a negative outcome and is rendered null and void."
"Founded in Spain's northern Basque region, BBVA is now the country's second-largest bank and it has a significant presence in Latin America as well as other global markets. Securing 50% of shares would have given it outright control over the Catalonia-based Sabadell, Spain's fourth-largest bank. Surpassing the 30% threshold would have allowed the process to move forward and even opened the door to a second offer."
BBVA launched a hostile €17 billion ($19.96 billion) takeover bid for Banco Sabadell in April 2024 but convinced only 25.33% of Sabadell shareholders, below the 30% voting-rights threshold required to proceed. Spain's market regulator CNMV declared the public offer null and void, obliging BBVA to refrain from further takeover attempts for at least one year. BBVA, Spain's second-largest bank with strong Latin American exposure, sought majority control that could have made it one of Europe's largest lenders. Sabadell, Spain's fourth-largest bank, defended its independence with support from minority shareholders and parts of the Catalan business community. BBVA's U.S. shares rose 6.7% despite the failed bid.
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