David Martinez Reduces Shareholding in Banco Sabadell After Selling 1.6% Stake
Key Developments in David Martinez's Banco Sabadell Stake
Details of the Stake Sale
MADRID, July 21 (Reuters) - David Martinez, one of Banco Sabadell's largest shareholders who stepped down from the Spanish lender's board last year, has sold a stake of nearly 1.6% in the bank, according to stock market supervisor data reviewed by Reuters on Tuesday.
Current Holdings After Sale
• Following his disposal of the 1.558% stake in Sabadell, Martinez still retains a 1.937% holding in Spain's fourth-biggest lender - worth around €300 million ($343 million)at Monday's closing price.
Transaction Details
• Neither the price of the transaction nor the identity of the buyer or buyers has been disclosed.
Context Around the Sale
Martinez's Position on BBVA Takeover
• Martinez was the largest individual shareholder who signalled he would accept the hostile takeover offer for Sabadell launched by larger rival BBVA, which ultimately failed.
Board's Response to BBVA Offer
• The remainder of Sabadell's board had told shareholders to reject the revised offer of around €17 billion, arguing it still undervalued the bank.($1 = 0.8753 euros)
Reporting Credits
(Reporting by Jesús Aguado; Editing by David Latona and)
