BBVA has decided to maintain its takeover offer for Banco Sabadell despite investor backing for the rival's decision to sell its UK unit TSB. Sabadell held a shareholder meeting last week which supported the TSB sale to Banco Santander.

Alicante

BBVA is continuing its efforts to acquire Banco Sabadell, despite Sabadell's attempts to boost shareholder returns through dividends and buybacks in order to make the takeover less attractive. Sabadell's share price has risen above BBVA's offer, partly due to these measures and the planned sale of its TSB unit to Santander, which is seen as a way to raise funds and resist the takeover.

Regulatory opinions on the deal are divided. Regulators in Brussels support BBVA's bid as part of a broader push for banking consolidation and a unified European banking approach. In contrast, Spanish regulators are concerned about the potential impact on small and medium-sized businesses, particularly in Catalonia, and the possibility of branch closures. The final decision will rest with Sabadell's shareholders during the upcoming tender period.

BBVA to maintain takeover bid for Sabadell

Kriti, this has been a story that's been evolving. What is the latest? How significant is this decision by BBVA? Well, this is a fight that Banco Sabadell has been trying to put up for some time. The idea here simply being, if they can return enough shareholder capital, enough dividends, enough buybacks, really juice up the stock, then maybe the shareholders won't actually vote for the BBVA takeover. And right now, because of all the juice they're basically pumping into that reward and that prospect, you are actually seeing Sabadell share price trade above what BBVA is offering. That being said, TSB is a really big part of that because the piece that could undermine that entire case is this idea that at the end of the day, maybe that money runs out and that sustainability of returns doesn't actually exist. And that's really what's the key takeaway here. And why the TSB sale is ultimately a fundraising exercise for Banco Sabadell, this idea that they can kind of stave off that BBVA bid. That being said, the time is running short because of course they do have that approval now, buying it or selling it, I should say, to Santander, who's long been trying to get their hands on that TSB unit, given their massive UK business as well. BBVA is now going to take over that tender period starting in September. So you have about a few weeks time for Sabadell to really make their case before shareholders ultimately have to make that decision. Where do regulators sit in this whole dance between these banks at this point? The question is the regulators where? The regulators in Brussels are Team BBVA, they're Team Consolidation. This is a conversation that's been going on for quite some time with the idea that banking consolidation is the predecessor, the precursor to something like Capital Markets Union, a more unified banking approach, loan loss provisions, et cetera. Regulators in Spain have a very different perspective of the whole thing. They're looking at this as Banco Sabadell, which is really catering to small, medium-sized companies, catering to a good chunk of the workforce, specifically in Catalonia as well, and branches that they say BBVA is going to get rid of given their expertise in digital banking. So it's, again, two different teams ultimately is coming down to Brussels versus Madrid in a story that really started out with Brussels versus Barcelona.

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