BBVA soars 7% on Wall Street after its failed takeover bid for Sabadell
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BBVA is rising sharply on Wall Street after the announcement of the failure of the hostile takeover bid for Sabadell . The announcement came just after 8:00 p.m., with the US market open, where the bank's ADRs are trading, rising more than 7% and even skyrocketing as much as 9%. Strong stock movements are expected for BBVA and Sabadell this Friday.
The National Securities Market Commission ( CNMV ) published this Thursday the results of BBVA's hostile takeover bid for Sabadell, the acceptance period for which closed last Friday. BBVA only received the support of 25.47% of Sabadell's voting shares, thus concluding the hostile takeover bid process for Sabadell, which has dragged on for more than 17 months, since May 9.
BBVA ADRs are trading at $19.56, or €16.82, compared to the €15.72 closing price on Thursday. The bank has announced its intention to immediately resume its shareholder remuneration plan. "On October 31, it will begin the pending share buyback of nearly €1 billion; on November 7, it will pay its largest interim dividend in its history (€0.32 per share), for a total of approximately €1.8 billion; and, as soon as it receives approval from the European Central Bank (ECB) , it will launch a significant additional share buyback," the bank stated.
For now, BBVA has sought to convey the Board of Directors' support for the 2025-2028 strategic plan, with an estimated net attributable profit of €48 billion over four years and a €36 billion remuneration to shareholders .
The outcome of the takeover bid has surprised the market, as analysts and investors had predicted a 30% to 50% bid and a second all-cash takeover that would have extended the process into next year. Therefore, sharp movements are expected on the stock market this Friday.
BBVA is rising sharply on Wall Street after the announcement of the failure of the hostile takeover bid for Sabadell . The announcement came just after 8:00 p.m., with the US market open, where the bank's ADRs are trading, rising more than 7% and even skyrocketing as much as 9%. Strong stock movements are expected for BBVA and Sabadell this Friday.
El Confidencial
