BBVA offers almost 11,500 million for Sabadell, 17% more than the market value

He BBVA offers almost 11,500 million euros through a share exchange Acquire 100% of Banco Sabadell17% more than the stock market value at the end of this Tuesday, in a new attempt to create the second largest bank in Spain.

The formula proposed by the bank chaired by Carlos Torres To carry out the purchase, it involves the delivery of one of its securities for 4.83 Sabadell, without any money involved, as revealed this Wednesday to the National Securities Market Commission (CNMV).

If the merger goes through, Current Sabadell shareholders would own 16% of the resulting groupwhich, in the eyes of BBVA, gives them the opportunity to also benefit from the value generated by the operation.

BBVA believes this is the most attractive industrial project in the European banking industry.

In a letter addressed to Sabadell’s board of directors, which will have the final say, BBVA emphasizes the benefits of the merger for both entities, their shareholders, employees, customers and the companies in which they operate.

Operational headquarters and advisors

He further suggests that the new group do the same two operational headquartersone in Madrid, in BBVA City, north of the capital, and another on the outskirts of Barcelona, ​​​​​​in Sant Cugat del Vallés, where Sabadell currently has its main base.

Concerning the share powerBBVA offers that three current directors of Sabadell will become part of BBVA’s highest governing bodybut without executive positions, and that one of them holds a vice presidency.

According to BBVA, the new entity would become one of the largest and most solid financial entities in Europe, with total assets of more than one trillion euros and more than 100 million customers worldwide.