Spain’s market regulator (CNMV) has revealed that a mere 2.8% of Sabadell shareholders with shares deposited at the bank have accepted the takeover offer from banking giant BBVA.  

Approximately 31% of Sabadell’s share capital is held by clients who are also shareholders. It implies that an overwhelming 97.2% have declined the bid, reported Catalan News. 

In total, the shares tendered in favour of the takeover amount to only 1.1% of Sabadell’s total share capital. 

The fate of the remaining shareholders is yet to be disclosed, with an announcement expected on 17 October 2025.  

If over half of the shareholders agree to the offer, BBVA would assume control of Sabadell.  

Conversely, if the acceptance rate is below 30%, the offer will be automatically voided. 

However, BBVA is not without options if the acceptance rate lands between 30% and 50%.  

In such a scenario, BBVA could initiate a second, hostile takeover bid, which would need to be a cash offer and receive CNMV’s approval. 

Mexican investor David Martínez Guzmán has voiced his support for the merger, citing the potential for increased competitiveness, reported Bloomberg.  

In contrast, Zurich Insurance has declined to participate, labelling BBVA’s offer as “not attractive.” 

Sabadell has indicated that retail investors make up about 41% of its shareholder base, with 80% of those being clients of the bank as well. 

Recently, BBVA set aside €8bn ($9.4bn) to fund a mandatory cash bid for Banco Sabadell, should the shareholders reject the proposed €17bn ($19.9bn) acquisition.  

BBVA CEO Onur Genc disclosed this contingency plan in an interview with Reuters. 

BBVA extended an offer to acquire Sabadell in April last year.  

Last month, BBVA increased its acquisition offer by 10%, valuing Sabadell’s shares at €3.39 each.