BBVA formalizes hostile takeover bid for Banc Sabadell
Bank maintains conditions and says it will also notify France and Morocco competition authorities
Spanish BBVA bank formalized its hostile bid for Banc Sabadell by submitting the request for approval to the Spanish stock market regulator (CNMV) on Friday.
According to the information published by the CNMV, the Basque bank confirms its plans and officially begins the procedure to obtain authorizations to acquire Sabadell.
BBVA must obtain also the European Central Bank and the Spanish National Markets and Competition Commission (CNMC) approval.
In addition, BBVA will also notify the competition authorities of France and Morocco.
BBVA's offer to Banc Sabadell
The BBVA's offer includes a 30% premium per share and a guarantee of "total commitment" to Catalonia.
BBVA also offers Sabadell three seats on its board of directors, one of them as vice president.
Its proposal includes having two corporate headquarters, maintaining Sabadell's current offices in Sant Cugat, just outside Barcelona.
BBVA said it would maintain the Sabadell brand in areas where there is "relevant commercial interest."
Shortly after the bid was announced, the Spanish government and Catalan governments rejected it.
BBVA had already attempted to acquire Sabadell in the past, with a negotiation, but because of the negative outcome of such talks, the Basque bank decided to go through with a hostile takeover bid.