Sabadell's board rejects BBVA's takeover bid again and raises dividend
Banco Sabadell's board of directors has rejected BBVA's hostile takeover bid for a second time. The bank has decided to raise its dividend as a measure to strengthen its position. This decision comes amid regulatory scrutiny in the European Union.
Banco Sabadell's board of directors met on September 29, 2025, and rejected BBVA's hostile takeover bid again, valued at 12 billion euros. This is the second time the Alicante-based bank has dismissed the proposal, arguing that it undervalues its potential and does not reflect the entity's true value.
Josep Oliu, Sabadell's president, stated: "We believe the offer does not capture the true value of our bank and its future prospects." In response to the OPA launched by BBVA in May 2024, Sabadell has chosen to increase its dividend by 20%, raising it to 0.20 euros per share, payable in December 2025. This measure aims to reward shareholders and deter external pressures.
The context of this operation dates back to BBVA's initial OPA, which aimed to create Spain's largest bank by market capitalization. However, the European Commission has opened a detailed review of the deal since July 2025, assessing potential impacts on competition in the Spanish banking sector. Sources close to the matter indicate that the regulator might require significant concessions, such as asset sales.
From BBVA's perspective, CEO Onur Genç has insisted that the OPA is "friendly and beneficial for all shareholders." Nevertheless, Sabadell maintains its independence, highlighting its financial strength: in the first half of 2025, it reported a net profit of 550 million euros, 15% higher than the previous year.
This confrontation highlights tensions in the Spanish banking sector, where mergers are seen as a way to gain scale in a competitive market. Analysts note that the rejection could prolong uncertainty, affecting the stock prices of both entities on the Madrid Stock Exchange.