The CNMV admits BBVA’s takeover bid for Banco Sabadell for processing

June 11 ()

The National Securities Market Commission (CNMV) has agreed today to accept for processing the hostile takeover request that BBVA has presented for Banco Sabadell, as reported by the Catalan entity in a statement.

The CNMV points out that the prospectus and the other documents presented by BBVA on May 24, and which were complemented with more information and modifications on June 4, “conform to the provisions” of article 17 of Royal Decree 1066/2007, of July 27.

However, the supervisor points out that this admission of the application for processing “does not imply any ruling on the resolution relating to the authorization of the offer, or any of its terms and conditions”, which must be produced in accordance with the deadlines and other established requirements. in article 21 of the Takeover Law.

The acquisition resulting from the offer is subject to the provisions of Law 10/2014, of June 26, on the organization, supervision and solvency of credit institutions and Royal Decree 84/2015, of February 13, which develops it.

Furthermore, remember that it will not authorize the offer until it is accredited that the European Central Bank (ECB) has not objected to the operation.

In this way, the CNMV has accepted the application for processing some eleven business days after BBVA presented it on May 24. It should be remembered that the period to admit it is, in general, seven days, extendable to request changes or more information, as has happened.

ONE MORE MILESTONE TO REACH THE OPA

BBVA achieves another milestone in the process that aims to launch a takeover bid for 100% of Banco Sabadell’s capital, after last week completing the sending of applications to all the supervisors and authorities from which it needs authorization.

In this process, the next planned step will be the extraordinary shareholders meeting, scheduled for July 5, where the capital increase of 551 million euros needed to carry out the takeover bid will be put to a vote. The exchange that will be offered to Sabadell shareholders in the operation will be one new BBVA share for 4.83 shares of the Catalan entity.

The authorizations, on the other hand, could take between five or seven months to arrive, according to the calendar that BBVA announced on May 9 when it reported its intention to launch the takeover bid.

The first ‘approval’ would be that of the European Central Bank (ECB), which will be the authorization that the CNMV needs to approve the takeover bid and allow BBVA to open the acceptance period, which could extend from 15 to 70 days. The law that governs these operations contemplates the possibility of expanding the operation if it “becomes necessary.”