Published by Global Banking & Finance Review®
Posted on August 29, 2025
2 min readLast updated: January 22, 2026
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BBVA adjusts its Sabadell acquisition offer post-dividend, maintaining the bid's value at over 15 billion euros, pending supervisor approval.
MADRID (Reuters) -Spain's BBVA said on Friday it had adjusted its takeover offer for Sabadell to maintain its value after the latter's interim dividend payment, as it awaits the supervisor's approval for its now over 15 billion euro ($17.56 billion) hostile bid.
Following Sabadell's payment on Friday of a 0.07 euro interim dividend against 2025 results, BBVA is now offering one newly issued ordinary share and 0.70 euros in cash for every 5.5483 ordinary shares of Sabadell, it said in a filing, compared to a previous exchange ratio of 5.3456.
Combining the two lenders would create a bank with more than 1 trillion euros in total assets and mark the latest consolidation move in Spain's banking industry.
In April of 2024, BBVA announced a more than 12 billion euro bid for all Sabadell's shares, which turned hostile in May.
As BBVA shares have risen to 15.490 euros as of Friday's closing from 10.90 euros when the offer was first made, the offer is now worth around 15.5 billion euros, taking into account the new number of shares BBVA would have to issue now based on the new exchange ratio, Reuters calculations show.
Sabadell's shares already trade above the 30% premium to the April 29, 2024 closing price originally offered by BBVA, and have since outperformed BBVA shares.
BBVA is now waiting for the supervisor's approval before formally kicking off its acceptance period and bringing the bid directly to Sabadell shareholders.
($1 = 0.8542 euros)
(Reporting by Jesús Aguado; Editing by Emma Pinedo and Jan Harvey)
A dividend is a portion of a company's earnings distributed to shareholders, usually in cash or additional shares, as a reward for their investment.
Equity refers to the ownership interest in a company, represented by shares of stock, which gives shareholders voting rights and a claim on assets.
An acquisition is a corporate action in which one company purchases most or all of another company's shares to gain control of that company.
A hostile bid occurs when a company attempts to acquire another company against the wishes of its management, often by directly appealing to shareholders.
Market capitalization is the total market value of a company's outstanding shares, calculated by multiplying the share price by the number of shares.
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