The shares of Banc Sabadell and BBVA start the week with declines in the Spanish stock market. The hostile takeover announced last week continues to influence the price of the entities chaired by Josep Oliu and Carlos Torres, which are now entering a few months of uncertainty due to the result of the BBVA offer. Sabadell’s response, accusing its competitor of violating the law by launching its takeover bid, has further strained the battle for shareholders.
At mid-session, Sabadell shares fell more than 1%, below the level of 1.85 euros, but still above the price prior to the friendly takeover bid that was launched at the end of April and was then rejected by the bank’s management leadership of Catalan origin. In the case of BBVA, the shares fall half a point, already installed below 10 euros since last week (9.66 euros).
Sabadell has a very fragmented capital, with up to 200,000 shareholders. 52% of the securities are in the hands of institutional investors, such as investment or pension funds, banks or other institutions, while the remaining 48% are owned by minorities who, on average, have been holding the shares for 10 years.
What each of them decides will mark the success of a takeover bid that was born with the rejection of the Executive and the Catalan political class and business community, who fear the concentration of power, the loss of jobs and the impact on the financing of the companies.
Sabadell plans to meet its board of directors to report on the offer but does not have to express an opinion on it. As the takeover bid is identical to the offer made the previous week, rejected by the board, the council has already clearly said that it is against it.
Within the Ibex 35, which has opened flat and above 11,100 points, the values ??that rose the most were Logista ( 0.83%), Solaria ( 0.81%), Meliá Hotels ( 0.65%), IAG ( 0.52%) and Grifols, which advanced almost 0.51%, while on the opposite side were Rovi (-0.72%), Fluidra (-0.60%) and ACS (-0.36% ).
