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MADRID - Banco Bilbao (NYSE:BBVA) Vizcaya Argentaria (BME:BBVA) announced Monday it will proceed with its voluntary tender offer for Banco de Sabadell (BME:SAB), despite additional regulatory conditions imposed by Spanish authorities.
The Spanish banking giant confirmed it would not withdraw its takeover bid following the Council of Ministers’ June 24 resolution, which authorized the economic concentration resulting from the offer subject to an additional condition beyond those already submitted by BBVA (BME:BBVA) and included in the National Commission on Markets and Competition’s April 30 resolution.
The Council of Ministers’ decision concluded the merger control procedure in Spain. Under Spanish tender offer regulations, BBVA had the right to withdraw its bid since the authorization came with conditions attached.
BBVA initially announced the voluntary tender offer for the entire share capital of Sabadell on May 9, 2024, with the formal request for authorization submitted to the Spanish Securities Market Commission (CNMV) on May 24, 2024.
The bank disclosed this decision in a regulatory filing to comply with securities market legislation, noting that the offer "remains in effect in accordance with the applicable regulations."
The full resolution issued by the Council of Ministers is available on the government’s official website, according to the company’s statement.
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