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MADRID - Banco Bilbao (NYSE:BBVA) Vizcaya Argentaria (BME:BBVA) announced Monday it will proceed with its voluntary tender offer for the entire share capital of Banco de Sabadell (BME:SAB), despite developments that could have allowed it to withdraw the bid.
The decision comes after Banco Sabadell’s Extraordinary General Shareholders’ Meetings on August 6 approved the sale of its subsidiary TSB Banking Group plc to Banco Santander (BME:SAN). Sabadell shareholders also approved an extraordinary cash dividend of 50 euro cents per share, contingent upon completion of the TSB sale.
Under Spanish takeover regulations, specifically Article 33.1(d) of Royal Decree 1066/2007, these resolutions would have entitled BBVA (BME:BBVA) to withdraw its offer with prior approval from Spain’s securities market regulator (CNMV).
"After reviewing the resolutions adopted and considering the available information, BBVA has decided not to withdraw the Offer for this reason and, therefore, it remains in effect in accordance with the applicable regulations," the bank stated in a regulatory filing.
BBVA initially announced the takeover bid on May 9, 2024, and submitted its formal authorization request to the CNMV on May 24, 2024. The offer aims to acquire 100% of Sabadell’s shares.
The information was disclosed in a regulatory filing to comply with securities market legislation.
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