Oliu asks BBVA to provide clear, transparent and complete information about its offer

Oliu asks BBVA to provide clear, transparent and complete information about its offer
Oliu asks BBVA to provide clear, transparent and complete information about its offer

Barcelona, ​​Jul 4 (EFE).- Banco Sabadell Chairman Josep Oliu has asked BBVA to provide “clear, transparent and complete” information on all aspects of its offer, so that Sabadell shareholders can freely decide whether or not to accept the takeover bid launched by BBVA.

In a letter to the bank’s shareholders, Oliu also clarified that at the Extraordinary General Meeting that BBVA will hold tomorrow to give the green light to a capital increase, no decision will be taken “that presupposes a possible successful acceptance of the takeover bid, nor presupposes any decision on the part of the shareholders who could be shareholders of both entities.”

Oliu makes it clear that there is still a long way to go before Sabadell shareholders make a decision, something he hopes will happen around “the end of 2024 or even in 2025”.

At the same time, he reminds them that when the acceptance period for the takeover bid begins, “the Sabadell board will issue a report in which it will evaluate the offer and express its recommendation to the shareholders.”

“For this to be possible and for Banco Sabadell shareholders to have sufficient and balanced information for their decision-making, BBVA will need to clearly, transparently and completely publish all those elements that may have an impact on the value offered, as the price of the offer is made up of newly issued BBVA shares,” adds Oliu.

The chairman of Sabadell said that the bank’s board will analyse in this report “the detailed financial impacts of the offer; the expected synergies, and the restructuring costs.”

The estimated business losses, especially in the SME segment, will also be analysed, he added, as well as possible breaches of commercial agreements with third parties and even the conditions of competition that the CNMC could impose.

“I would like to express my commitment and that of the bank to ensure that you, the shareholders of Banco Sabadell, can receive the most appropriate and complete information so that you can make your decisions freely,” he said.

It also reiterates that “at the present time they are not obliged nor have any decisions to be made with respect to the takeover bid”, and underlines its commitment to inform the shareholder regularly throughout the process.

At the same time, Oliu underlines Sabadell’s “commitment and extraordinary dedication” to achieving “the best results this year and to guarantee the maximum generation of value for shareholders in the long term.” EFE

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