Spain’s National Securities Market Commission (CNMV) has approved BBVA’s offer prospectus for the integration with Banco Sabadell. The period for Banco Sabadell shareholders to accept or decline the offer presented by BBVA will begin on September 8, 2025.
Shareholders who accept the offer will receive one new BBVA share and €0.70 in cash for every 5.5483 Banco Sabadell shares they tender.¹ Based on recent prices, the bid values Sabadell at about €14.76 billion.
BBVA will cover the costs associated with the exchange for all shareholders who accept the offer through BBVA branches or via the telephone number.
The Spanish lender said Sabadell shareholders can tender from Monday until 7 October, with results expected the following week.
Regulators including the European Central Bank and Spain’s competition authority have cleared the deal, and the National Securities Market Commission has authorised the tender documentation.
According to FStech, „the Spanish government has, however, barred a legal merger for at least three years, requiring the two banks to operate separately over that period”. BBVA now expects €900 million in annual synergies in 2029, up from a previous €850 million target but a year later than initially planned, citing the state’s conditions.
Sabadell’s board, which has consistently argued for the bank’s standalone prospects, said it will analyse the offer and issue a formal recommendation within ten working days. “It seems like an inadequate offer based on unrealistic assumptions, but we will need to analyze it in detail before giving a full assessment,” said Sabadell’s chief executive officer César González-Bueno.
Chair Josep Oliu was more blunt, calling the latest proposal “even less attractive than the initial BBVA bid rejected by the board in 2024.”
BBVA argues the industrial logic remains compelling. “The union of two highly complementary banks at their best moment has an undeniable logic,” said BBVA chair Carlos Torres Vila. “Now is the time.”
If successful, the combination would create Spain’s second-largest domestic bank by assets, behind CaixaBank.
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