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Wednesday, Jan 22, 2025

Banco Sabadell Announces Return to Catalonia Amid BBVA's Acquisition Bid

Banco Sabadell Announces Return to Catalonia Amid BBVA's Acquisition Bid

Bank's strategic decision comes amidst differing socio-political conditions and BBVA's takeover offer jeopardizing shareholder positions.
Banco Sabadell is poised to relocate its headquarters back to Catalonia, seven years after political unrest prompted its departure.

The bank is set to convene an extraordinary board meeting to finalize this move, initially reported by ABC and confirmed through financial sources.

The relocation follows a decisive vote in October 2017 to move its domicile from Catalonia to Alicante, driven by uncertainties resulting from the region's political turmoil.

Banco Sabadell has since maintained its operational base in Sant Cugat del Vallès.

This notable repatriation follows the political transition with Salvador Illa ascending to leadership in the Generalitat, proposing more stable socio-political conditions.

As the first major company from the Ibex 35 index to return post-uncertainty, Sabadell's decision may signal wider business reassessment of Catalonia's economic climate.

The bank's return coincides with a takeover bid from BBVA, raising questions about regulatory conditions.

The Spanish National Commission of Markets and Competition (CNMC) and the Spanish Securities Market Commission (CNMV) are tasked with determining the acceptability of the acquisition; the former assessing competition implications, the latter scrutinizing the proposal prospectus for shareholder decision making.

Final judgments await governmental input, notably from Prime Minister Pedro Sánchez's administration, which has expressed reservations about the merger.

Sabadell's move strategically reinforces its cultural and emotional ties with Catalonia, where substantial political and business support aligns against the BBVA bid.

The potential reacquisition is seen in some quarters as a broader economic gesture toward endorsing national political faculties, especially following BBVA's recent corporate alignment with government moves at Telefónica.

In Valencia, local officials, including President Carlos Mazón, acknowledge the bank's decision while emphasizing regional economic commitments.

Sabadell's leadership reassures that its Valencian operational integrity remains unaffected, prioritizing job security and continued economic engagement.

As these developments unfold, BBVA's proposal confronts hurdles.

Current stock valuations place Sabadell at 2.137 euros per share, with BBVA at 10.440 euros per share, resulting in a negative premium under BBVA's current offer terms.

The proposed exchange comprises one BBVA share for 5.019 Sabadell shares, supplemented by a 0.29-euro cash option per share, highlighting potential financial implications for Sabadell stakeholders.
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