Published by Global Banking & Finance Review®
Posted on July 21, 2025
2 min readLast updated: January 22, 2026
Add as preferred source on GoogleBBVA's bid for Sabadell will start in September, allowing updated info in the prospectus. Sabadell plans to sell TSB and distribute a 2.5 billion euro dividend.
MADRID (Reuters) -Spain's BBVA expects the acceptance period for its takeover bid for smaller rival Sabadell to start in early September, rather than at the end of July as initially planned, a spokesperson for BBVA said on Monday.
The spokesperson for BBVA said this would allow the bank to include the most up-to-date information in its takeover prospectus such as the outcome of Sabadell's extraordinary meetings on August 6.
Sabadell shareholders are summoned to vote on the agreed sale of its British unit TSB to Santander and also on the extraordinary 2.5 billion euros ($2.92 billion) cash dividend it plans to distribute among shareholders thanks to the proceeds of the divestment.
The decision to dispose of TSB offers Sabadell a potential defensive play as it seeks to stop BBVA's over 13 billion euro takeover approach, aimed at creating Spain's second-biggest bank by credit volume after Caixabank.
A spokesperson for the Spanish stock market supervisor said that it considered as "adequate the proposal put forward by BBVA so that shareholders of Sabadell can have all the information" before deciding whether to tender their shares.
In Spain, legislation requires the governing bodies of a company targeted in a takeover bid to request shareholder approval before promoting or taking any action that might prevent an acquisition from succeeding.
BBVA decided to proceed with the Sabadell bid despite the Spanish government blocking it from fully merging with its smaller rival for at least three years as one of the conditions imposed on the planned transaction.
The takeover prospectus is expected to be approved before the acceptance period, spokespeople for BBVA and the CNMV said.
($1 = 0.8555 euros)
(Reporting by Jesús AguadoEditing by Tomasz Janowski)
BBVA expects the acceptance period for its takeover bid for Sabadell to start in early September.
Sabadell shareholders are summoned to vote on the sale of its British unit TSB to Santander and a 2.5 billion euros cash dividend.
The decision to dispose of TSB is a potential defensive play for Sabadell to counter BBVA's takeover approach.
Spanish legislation requires the governing bodies of a company targeted in a takeover bid to request shareholder approval before taking any action that might prevent an acquisition.
The Spanish government has blocked BBVA from fully merging with Sabadell for at least three years as part of the conditions imposed on the plan.
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