Beamr video compression achieves up to 50% improvement for AVs
Investing.com -- Sabadell shareholders unanimously approved the sale of its British unit TSB to Santander (BME:SAN) on Wednesday, a move widely viewed as a defense against BBVA (BME:BBVA)’s hostile takeover bid of approximately €15 billion ($17.36 billion).
The Spanish bank had reached an agreement last month to sell TSB to Santander in an all-cash transaction valued at an initial £2.65 billion ($3.64 billion).
Before the vote, Sabadell Chairman Josep Oliu told shareholders that the sale would enable the bank to concentrate on the Spanish market, "where the bank has a greater growth capacity."
Following the TSB divestiture, Sabadell plans to distribute most of the proceeds to its shareholders through a special dividend of €2.5 billion.
This dividend proposal requires separate shareholder approval in another vote scheduled for later Wednesday.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.