Core Points - The presentation is hosted by Cecilia Romero Reyes, a research analyst, indicating a focus on investment opportunities and insights [1] Group 1 - The agenda includes a 25-minute discussion on the investment case, followed by a Q&A session and an investor survey [1]

Core Viewpoint - Banco Sabadell SA's major shareholder David Martinez rejects BBVA's $18 billion acquisition offer, increasing pressure on BBVA to raise its bid [1][2] Group 1: Acquisition Details - BBVA has been seeking to acquire Banco Sabadell since early last year to create a new banking giant in Spain [1] - BBVA's current offer values Banco Sabadell at approximately €15.3 billion (about $17.9 billion), which is below its market value of approximately €16.9 billion [1] - The proposed exchange ratio is 1 BBVA share and €0.70 in cash for every 5.5483 shares of Banco Sabadell [1] Group 2: Shareholder and Board Reactions - David Martinez, holding about 3.9% of Banco Sabadell, stated that the current offer does not reflect the intrinsic value of the company [1][2] - The Banco Sabadell board, including Martinez, unanimously decided to reject BBVA's offer, citing insufficient reflection of the company's value [2] - CEO Cesar Gonzalez Bueno indicated that BBVA's current bid "cannot be the final proposal" given previous rejections of similar offers [2] Group 3: Regulatory and Market Context - BBVA received the final regulatory approval necessary to formally launch the acquisition offer on Monday [1] - Shareholders of Banco Sabadell must make a decision regarding the offer by October 7 [2] - The board of Banco Sabadell expressed concerns about the execution risks of the transaction and the uncertainty surrounding the projected restructuring costs and synergies [2]

Core Viewpoint - The board of Spanish lender Sabadell has issued an unfavorable recommendation regarding BBVA's hostile takeover bid, stating that the offer undervalues the bank [1] Company Summary - Sabadell's board believes that BBVA's bid does not reflect the true value of the bank, indicating potential undervaluation in the market [1]

Core Viewpoint - Spanish bank Sabadell's board has unanimously recommended shareholders reject BBVA's hostile takeover bid, which is seen as significantly undervaluing Sabadell's business [1][2][3] Group 1: Takeover Bid Details - BBVA launched a €15.3 billion ($17.97 billion) bid for Sabadell, aiming to create the second-largest Spanish bank with domestic assets around €1 trillion [1] - The acceptance period for the bid lasts until October 7, with results expected by October 14 [2] - Sabadell's board indicated that BBVA's offer is undervalued by up to 40% based on traditional valuation methods [3] Group 2: Board's Position and Shareholder Opinions - Sabadell's CEO stated that the board has not set a specific price threshold for reconsideration of the bid [2] - The Chairman of Sabadell mentioned that a "very substantial change" in the offer would be necessary for the board to reconsider its position [3] - David Martinez, the largest shareholder on Sabadell's board, agreed the offer should be rejected but acknowledged the strategic merit of the transaction [4] Group 3: Market Reactions and Offer Dynamics - Analysts expect BBVA to raise its offer as Sabadell's shares have increased beyond the original bid price, although BBVA has stated it does not intend to change its offer [4] - BBVA can legally increase its offer until 10 working days before the end of the acceptance period [5] - The premium offered by BBVA has decreased from 30% to a negative differential of approximately 9.24% compared to Sabadell's April 29, 2024, closing share price [5] Group 4: Regulatory and Strategic Concerns - The Spanish government opposes the merger and has blocked a full merger for at least three years, leading Sabadell to question BBVA's cost-saving targets [6] - Sabadell's board has identified risks related to revenue loss and uncertainties regarding the execution of the proposed merger [6]

Core Points - The Republic of Colombia has initiated a tender offer to purchase its outstanding 3.875% Global Bonds due 2026, with a total principal amount of €715,107,000 accepted for the tender offer [1][2] - The maximum purchase price for the Old Bonds in the tender offer is €719,397,642, and no proration of tenders has occurred [2][3] - The settlement date for the tender offer is scheduled for September 16, 2025, subject to change [2][3] Summary by Sections Tender Offer Details - Colombia has instructed Citigroup Global Markets Inc. to manage the tender offer, which includes accepting valid tenders of the Old Bonds [1] - The aggregate principal amount of the Old Bonds accepted includes €488,557,000 from reinvestment tenders and €226,550,000 from simple tenders [3] Settlement and Conditions - The settlement of the tender offer is set for September 16, 2025, and failure to deliver Old Bonds on time may lead to cancellation of the tender or other consequences [2][3] - Colombia reserves the right to not accept any or all tender orders and may terminate the tender offer for any reason [4] Contact Information - The information agent for the tender offer is D.F. King & Co., Inc., with contact details provided for inquiries [27]

Price Analysis - XRP is currently trading at $2.99 and has the potential to reach $5 by December 25, 2025, according to analyst Crypto Bitlord, who describes the current price as a "make or break" level [1] - XRP's market cap stands at $178.7 billion, with a trading volume that has decreased by nearly 25% to $4.67 billion in the past 24 hours [2] - XRP is fluctuating between the $2.90 to $3.00 range, identified as a critical support zone by traders [3] Technical Analysis - Analyst Ali Martinez noted a descending triangle pattern on the 12-hour chart for XRP, suggesting that if it breaks resistance, it could target $3.60 [3] - The recent momentum of XRP could continue in the short term if bullish sentiment remains strong [3] Company Developments - Ripple has announced a partnership with BBVA, one of Spain's largest banks, to incorporate Ripple Custody into its digital asset services [5] - This partnership will allow BBVA customers to access Bitcoin and Ether trading and custody services, utilizing Ripple's technology to comply with the EU's upcoming MiCA framework [6] - Ripple executives indicated that this deal reflects the growing demand for bank-grade crypto solutions in Europe, while BBVA emphasized its commitment to secure custody of tokenized assets [7] Regulatory Environment - There is increasing positivity surrounding Ripple due to its institutional relationships and recent regulatory clarity in Europe [4]

Sabadell CEO Cesar Gonzalez-Bueno expects BBVA to improve its initial takeover bid for Sabadell Bank, as the current offer undervalues the institution, reported Reuters. His remarks came following BBVA's official initiation of a takeover bid for Sabadell earlier this week. Gonzalez-Bueno remarked at a financial event organised by Barclays in New York, “This offer is most probably not the last one, because everybody agrees that this offer lacks merits.” During the same event BBVA's CEO Onur Genç describe ...

Banco Bilbao Vizcaya Argentaria (NYSE:BBVA) FY Conference September 09, 2025 02:00 PM ET Company ParticipantsOnur Genç - CEO & DirectorConference Call ParticipantsNone - AnalystNoneSo good afternoon, everyone. Good afternoon. It's my pleasure to welcome Onur Geng, EVA CEO. Good afternoon, Anur.Onur GençGood afternoon.NoneThank you very much for taking the time. We're delighted to host you today. So thanks thanks very much. So the agenda for today, we have about twenty five minutes set aside to discuss the i ...

Group 1 - Ripple has entered into an agreement with BBVA to provide institutional-grade digital asset custody technology to support the bank's crypto operations [1][2] - BBVA will utilize Ripple Custody to manage Bitcoin (BTC) and Ether (ETH) holdings for retail customers in Spain, following the bank's earlier launch of a digital asset trading and custody service [2][8] - The partnership builds on previous collaborations between Ripple and BBVA in Switzerland and Turkey, focusing on real-time cross-border payments [3][8] Group 2 - The establishment of the EU's Markets in Crypto-Assets regulation (MiCA) has encouraged banks in Europe, including BBVA, to expand their digital asset offerings [4][6] - Other banks in Europe, such as Deutsche Bank and Standard Chartered, are also advancing their crypto custody services, indicating a broader trend in the region [5] - Ripple's expanded role with BBVA highlights the integration of crypto services by regulated financial institutions, emphasizing the need for compliance and scalability in a post-MiCA environment [6]

The chief executive officer of Sabadell Cesar Gonzalez-Bueno on Tuesday said he expected BBVA to submit a revised offer for his bank. ...