After the failure of BBVA's takeover bid (OPA) on Banco Sabadell, Sabadell shares fell 6.78% on Friday, losing over 1.1 billion euros in market value. In contrast, BBVA shares rose 5.9%, recovering 5.475 billion euros. The market rewarded BBVA for removing capital risks and announcing historic dividends.
On Friday, following the final closure of BBVA's takeover bid (OPA) on Banco Sabadell, the Spanish stock market reflected the impact of Sabadell's shareholders' majority rejection. Sabadell shares dropped 6.78%, closing at 3.01 euros and cutting its market capitalization by over 1.1 billion euros. During the session, the value fell as much as 10%, confirming the theory of Carlos Torres, BBVA's president, who attributed Sabadell's prior revaluation to the OPA itself.
Meanwhile, BBVA led gains in the Ibex 35, with a 5.9% rise that placed its shares at 16.65 euros and added 5.475 billion euros to its value. The Basque bank hit intraday peaks of 7%. Torres welcomed the outcome: "I do not consider resigning; I feel fully backed by the board and shareholders." Additionally, BBVA promised dividends of 0.32 euros per share and a share buyback starting October 31, supported by a 36 billion euro remuneration plan over three years, equivalent to 39.8% of its market cap.
Josep Oliu, Sabadell's president, saw it as a win: "Today is a day of celebration." Analysts at Renta 4 explained BBVA's rise due to the removal of capital risks and potential dilutions, along with projected commercial dynamism through 2028.
The previous evening, after the CNMV announcement, Sabadell shares rose 6.63% in Wall Street (ADR), while BBVA closed at 19.47 dollars after advancing its shareholder remuneration plan.
This movement occurs amid European banking volatility, with the Stoxx Europe 600 Banks down 2.51%, influenced by U.S. issues like fraud exposures in regional banks.