Spain’s stock market supervisor has approved the improved BBVA Sabadell takeover bid, valued at 17 billion euros ($20 billion). The announcement came Thursday, only days after BBVA revealed its revised offer. Consequently, shareholders now have until October 10 to tender their shares, extending the deadline from October 7. Results will be published within a week of the acceptance period’s close.
Under the new terms, BBVA is offering one of its own shares for every 4.8376 Sabadell shares. This represents a 10 percent increase from the earlier proposal. As a result, Sabadell is now valued at about 3.39 euros per share, compared with 3.084 euros before. Based on market prices from September 19, the deal size rises from 15.5 billion euros to 17 billion euros.
The revised bid also offers a stronger premium. Initially, the premium stood at 1.6 percent over Sabadell’s market close on Friday. However, because Sabadell shares have underperformed BBVA’s since the announcement, the premium has increased to 2.89 percent as of Wednesday’s close.
Sabadell has up to five days from the regulator’s approval to publish its formal response. Nevertheless, Chief Executive Cesar Gonzalez Bueno has already signaled that the board will likely not recommend the offer, calling the price insufficient despite the increase.
For BBVA, the acquisition push highlights the broader trend of consolidation within Europe’s banking sector. Larger groups aim to strengthen their scale, expand customer bases, and boost profitability. Therefore, absorbing Sabadell would significantly enhance BBVA’s domestic presence while streamlining operations across Spain.
The outcome now depends on shareholder decisions. Investors must weigh the improved terms against Sabadell’s prospects as an independent institution. In addition, they need to consider whether BBVA’s stronger stock performance makes the share-swap more attractive in the long term.
Ultimately, the BBVA Sabadell takeover reflects wider industry pressures. Banks across Europe face the challenge of efficiency, competition, and shifting investor expectations. Consequently, the decision by Sabadell’s board and shareholders will determine whether the bank pursues independence or joins forces with a larger rival.
