Spain's BBVA announces $13 billion hostile takeover bid for Sabadell [CNBC]
INTESA SANPAOLO S/ADR (ISNPY)
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Source: CNBC
BBVA's decision follows Sabadell's board on Monday saying the unsolicited bid significantly undervalued the bank's potential and growth prospects. The board repeated that position on Thursday. “We are presenting to Banco Sabadell's shareholders an extraordinarily attractive offer to create a bank with greater scale in one of our most important markets,” said BBVA's Executive Chairman Carlos Torres Vila. Hostile takeover bids are rare in European banking. A recent example is Intesa's successful takeover of UBI Banca in 2020. BBVA, Spain's second-biggest bank by market value after Santander, offered an exchange ratio of 1 newly issued BBVA share for every 4.83 Sabadell shares, a premium of 30% over April 29 closing prices. Spanish banks have been looking for ways to increase revenue as a boost from high interest rates begins to fade. Buying Sabadell would allow BBVA to diversify from Mexico, its main market, and other developing economies such as Turkey and South America and
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