BBVA: terms of offer for Sabadell adjusted

(CercleFinance.com) - BBVA announced on Tuesday evening that it would be adjusting the terms of its hostile bid for Banco Sabadell to take account of the dividends recently paid by the two Spanish banks.


In a financial notice, BBVA explains that it now intends to offer Sabadell shareholders one new ordinary share in the group in exchange for 5.0196 shares held.

Its offer, presented last May, previously provided for an exchange ratio of 4.83.

This clarification comes at a time when Sabadell is due to pay its shareholders an interim dividend of E0.08 per share today.

In addition to this portion in shares, BBVA adds that it intends to pay Sabadell shareholders a cash portion of E0.29 per share, equivalent to the interim dividend it will pay itself on 10 October to its own shareholders.

These adjustments, which are in line with the conditions presented on 9 May, are intended to maintain equivalent economic conditions for the offer, after payment of dividends by both entities, BBVA explains.

Following these announcements, BBVA shares listed in Madrid rose by 0.8%, while Banco Sabadell shares gained 1.8%, as analysts judged that this new offer increased BBVA's chances of success.


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