Banc Sabadell has warned today of the negative effects on the entity’s day-to-day activity and on qualified employment due to the uncertainty represented by BBVA’s hostile takeover bid. In a statement called “Universal Registration Document” that the entity sends to the CNMV each year, Sabadell warns that “the takeover exposes Banco de Sabadell to multiple uncertainties” and cites the “possible consequences on the strategic agreements” for businesses. life insurance, asset management and institutional depository.
In the text it warns of the “possible losses of qualified personnel of the Banco de Sabadell Group in search of other professional opportunities due to the risk of losing their employment if the takeover bid is successful.” The third major risk that it places is that of “possible loss of business opportunities as a result of limitations on the actions of the administrative and management bodies.”
In statements to Bloomberg, the CEO of Banc Sabadell, César González-Bueno, hoped that the evolution of the share price will dissuade shareholders from going to Sabadell’s takeover bid. “The share price has multiplied by five in the last four years and was growing 60% so far this year before the proposal was leaked,” he indicated. Since BBVA announced its intention to take over Sabadell, its share price has fallen 8%, while the bank led by González-Bueno registers an increase of more than 10%. This evolution has meant that the initial 30% premium has been partially absorbed by how the price is evolving.
