In a communication to the National Securities Market Commission, Banco Sabadell has accused BBVA of violating the takeover rule with its offer. Sabadell denounces that the documentation and information provided at Thursday's press conference violates the takeover regime and introduces “incomplete data” that could affect the information available to investors.
“The above-mentioned documentation, which is not included in the announcement, as well as the information provided during the meeting, are contrary to Article 32.1 of Royal Decree 1066/2007 of July 27 on the regime of public offers for the acquisition of securities and, in Generally, They introduce incomplete data that can affect the market. Banco Sabadell has informed the National Securities Market Commission of this circumstance so that the market has complete and transparent information and can guarantee an orderly and correct process,” the entity said in the note communicated to the CNMV.
In particular, Article 32 to which Banco Sabadell refers indicates that from the announcement of the offer until its presentation, the entity, its shareholders and in general those involved in the operation “shall refrain from distributing or publishing in any way any data or information not included in the previous announcement of the offer.”
This announcement comes after a long day when markets opened with the news that BBVA, after rejecting the initial friendly offer to integrate Banco Sabadell, had decided to launch a hostile takeover bid in an attempt to absorb the Catalan bank. That's what the government said “rejects the decision” of the bank headed by Carlos Torres “both in form and in substance.”
The price proposed by BBVA is the same as that offered on April 30: an exchange of 4.83 Catalan shares for one of BBVA, which values the entity at 11,530 million euros.
The operation, which is subject to acceptance by 50% of Sabadell's dispersed shareholders, was quickly rejected by the entity chaired by Josep Oliu, which claims that it “significantly” undervalues the entity, whose market capitalization is currently around 10,000. million, as well as its ability to grow on its own.
The Spanish stock market reacted this Thursday to the hostile takeover, not unprecedented but unusual in Spain, with a decline of 0.92% in the main indicator, the IBEX 35, losing 11,100 points due to the declines in the banking sector. , especially BBVA, which lost 6.71%, the biggest setback of the entire IBEX, in contrast to Sabadell, which recovered 3.17%.