BBVA presents offer to Banco Sabadell shareholders
BBVA has presented an offer to Banco Sabadell shareholders, offering to exchange one newly issued BBVA share for every 5.0196 Banco Sabadell shares, plus an additional €0.29 in cash.
Under the terms of the offer of May 9, 2024, the original exchange rate—1 newly issued BBVA share for every 4.83 Banco Sabadell shares—has been revised. The adjustment accounts for Banco Sabadell's dividend payment of €0.08 per share on October 1, 2024, altering the exchange rate to 1 BBVA share for every 5.0196 Banco Sabadell shares. In addition, as a result of BBVA's dividend payment of €0.29 per share on October 10, 2024, the offer now includes a cash payment of €0.29 for every 5.0196 Banco Sabadell shares exchanged.
PURPOSE OF THE TRANSACTION
1.
Greater scale in Spain to become a more competitive bank.
2.
Combine highly complementary businesses.
3.
Capture substantial synergies.
4.