For its part, BBVA reiterated that contacts between the two entities “began in mid-April” and defended that “all figures” on the synergies and costs of the merger have been calculated with “the greatest accuracy”.
The CEO of Sabadell Bank, César González-Buenourged on thursday that the merger proposal raised by the BBVA It arrived on Tuesday, April 30, without any prior negotiations, and just a week after the Basque bank made a takeover bid.
This clarification comes after last Thursday the chairman of BBVA, Carlos Torresrevealed that he had personally met with his counterpart at Banco Sabadell “in mid-April”, Josep Oliuto inform him that they would be submitting a merger offer at the end of that month.
The date indicated on the calendar was 30th of Aprila day after BBVA published its first quarter accounts, with the idea of starting friendly negotiations about the possible integration from that moment on.
However, as Torres highlighted, on the same day that BBVA had agreed to send its offer, “a leak” occurred exposing its stake in Banco Sabadell, precipitating events.
During his intervention in a financial meeting organized by IESEGonzález-Bueno reported on Thursday that Sabadell President Josep Oliu received the proposal for the merger of the two entities through a share exchange on April 30 and immediately transferred it to the entity’s board of directors.
That same afternoon, Banco Sabadell’s highest governing body met to take note of the “confidential” proposal, elect financial and legal advisors and set a new meeting for Monday. 6 May.
In between, González-Bueno reminded of this on Wednesday May 1 BBVA published its “non-binding and confidential” offer in the National Securities Market Commission (CNMV), and, he added, “that will get us to Sunday” ahead of the meeting at which Sabadell’s board of directors would decide the fusion. offer.
That Sunday, Oliu receives a letter from the president of BBVA warning him about this the offer had no further scope and it was the maximum that the Basque bank could offer, which indicated that it had been hit on the stock market and had lost more than 6 billion in just two days –Thursday May 2 and Friday May 3-.
However, the BBVA reiterated today that contacts between both entities “began at mid April“and has defended that “all figures” on the synergies and costs transferred in the merger operation with Sabadell have been calculated using “the maximum accuracy”as the entity ‘in all operations’ does.
All the The 9th of Mayat the press conference organized by BBVA to explain the hostile takeover bid, the bank’s president, Carlos Torres, conveyed this idea: “Once again, with total respect for Pep Oliú [presidente de Banco Sabadell] As for the conversations we did or did not have, and without revealing more than I should have, I can say that we had a personal meeting in mid-April in which I conveyed BBVA’s interest in communicating the terms of a merger. . We agreed that I would convey the terms of that proposal to him on April 30. “There was a leak and this prevented this April 30 meeting from taking place.”
Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
