BBVA(US:BBVA) 智通财经网·2025-09-22 08:55Group 1 - BBVA has increased its offer to acquire Banco Sabadell by approximately 10%, valuing Sabadell at around €17 billion (approximately $20 billion), which represents a premium of about 1.6% over its market value as of last Friday [1] - The new proposal involves exchanging 4.8376 shares of Sabadell for 1 share of BBVA, marking a shift in BBVA's stance after previously stating it had no intention to raise its offer [1] - Despite Sabadell's decision to sell its UK subsidiary TSB to Santander and distribute a €2.5 billion special dividend, BBVA felt compelled to increase its bid [1] Group 2 - BBVA's previous offer included a combination of stock and cash, which was seen as undervaluing Sabadell, leading to its rejection by Sabadell's board [2] - The all-stock acquisition proposal allows Spanish tax residents to avoid capital gains tax, enhancing the attractiveness of the offer for shareholders [2] - BBVA remains committed to the acquisition despite restrictions imposed by the Spanish government, which limits the integration of Sabadell for several years, potentially delaying cost synergies [2] Group 3 - If the merger is completed, it will create a major player in the Spanish banking sector, with BBVA currently being the second-largest bank by asset size and Sabadell the fourth [2]