Sabadell Favors Opening Talks With BBVA About Takeover, Sources Say [BNN Bloomberg (Canada)]
Banco Santander, S.A. Sponsored ADR (Spain) (SAN)
US:NYSE Investor Relations:
santander.com/csgs/satellite/cfwcsancomqp01/en_gb/corporate/shareholders-and-investors.html
Company Research
Source: BNN Bloomberg
There's a growing view within Sabadell that the offer BBVA has outlined in a letter is a reasonable starting point for negotiations, although the bank hasn't made a formal decision on how to proceed, the people said. The lender will continue discussing the proposal over the weekend and may hold a board meeting about it next week, they said asking not to be named as the deliberations are private. BBVA on Tuesday made a surprise offer to Sabadell to start talks about a takeover. The proposed all-share deal values the smaller bank at a 30% premium to its closing price on Monday — or around €12 billion ($13 billion). It would give Sabadell shareholders a 16% stake in the combined group. Some executives at Sabadell would prefer the offer to be at least partially in cash, some of the people said. Spokespeople for Sabadell and BBVA declined to comment. A decision by Sabadell to kick off talks would mark a first step towards what could ultimately become a new Spanish banking giant wi
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