The revised acquisition bid from BBVA for Banco Sabadell has received authorisation from the Spanish National Securities Markets Commission (CNMV).  

The updated proposal includes a 10% increase in the offer and enhanced tax treatment for shareholders.  

The window for Banco Sabadell shareholders to tender their shares began on 25 September and will extend until 10 October 2025. 

Shareholders of Banco Sabadell are now able to participate in the merger with BBVA by tendering their shares during the specified period.  

The revised terms indicate that shareholders will receive one new BBVA share for every 4.8376 Banco Sabadell shares they hold.  

This offer is structured to be tax-efficient, provided most Banco Sabadell’s voting rights are tendered. 

According to BBVA, the new all-share offer places the value of Banco Sabadell shares at €3.39 each, the highest in more than ten years.  

Since the initial merger discussions in April 2024, the offer’s value has risen by 60%, from an original €12.2bn to €19.5bn. 

Despite the improved terms, Banco Sabadell’s chief executive Cesar Gonzalez Bueno has indicated that the board is “probably” to advise against the new offer, which they still consider to be lacking. 

Previously, Banco Sabadell’s board had recommended that its shareholders reject the initial share exchange offer from BBVA, citing undervaluation concerns. 

Furthermore, the Spanish government mandated a minimum three-year waiting period before BBVA and Banco Sabadell can merge their operations, should the acquisition be finalised.