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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.
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