He BBVA This Friday, it asked the Spanish National Securities Market Commission (CNMV) for authorization to launch the public offer for the acquisition of shares (OPA) of the Sabadell Bankwith which it aspires to take control of this banking entity for its subsequent merger.
As reported at market close, the Spanish banking group BBVA submitted the application with which it hopes to have the stock market supervisor’s approval for the operation announced two weeks ago, in which it proposes to the shareholders of the also Spanish Sabadell Bank an exchange of securities at a rate of one of the BBVA for every 4.83 of Sabadell.
In its communication to the CNMV, the BBVA recalls that its board of directors made the decision to launch a takeover bid for Sabadell on May 8 and publicly reported it the next day, when it explained that the proposal was made so that Sabadell shareholders could choose.
The intention of BBVA is to merge with Sabadell to create the third largest bank in Europe, behind the French BNP Paribas and the Spanish Santander.
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Source: Gestion
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