Sabadell shares rise further on BBVA merger proposal, but well below premium [Reuters]
CAIXABANK SA UNSP/ADR (CAIXY)
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Company Research
Source: Reuters
MADRID, May 2 (Reuters) - Shares in Spanish bank Sabadell rose around 5% on Thursday, adding to gains since bigger rival BBVA announced a this week, but still far off the premium offered as the market assessed the viability of the all-share deal. Sabadell shares have risen by over 8% since Monday's closing price. BBVA announced the merger talks on Tuesday, aiming for a deal that would create a Spanish bank with assets of nearly 1 trillion euros ($1.07 trillion) and a market value close to Santander's Under the terms of the proposal disclosed on Wednesday, which was a market holiday, BBVA offered a premium of 30% over Monday's closing price of 1.7375. This valued Sabadell shares at 2.25875 euros, under the proposed exchange ratio of 1 new BBVA for every 4.83 Banco Sabadell shares, giving the smaller bank a market value of 12.23 billion euros ($12.84 billion). Against, Tuesday's closing price, the premium was 17% as analysts. Analysts at Renta 4 said Sabadell may not like the
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