BBVA(US:BBVA) Zhi Tong Cai Jing·2025-09-12 07:53Core 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]