Moody’s recalls that BBVA can improve the OPA during the acceptance period, despite its refusal to it

Friday 09th May 2025 04:40 PM

The qualification agency indicates that the offer “values Sabadell below its current market price

MADRID, 9 May. (EUROPA PRESS) –

The Moody’s credit qualification agency recalled that BBVA has the possibility of improving its public acquisition offer (OPA) on Banco Sabadell once the acceptance period begins, as stated in a report on the state of the operation.

The firm recalls that the CEO of BBVA, Onur Genç, has repeatedly repeated that the bank has “neither the intention nor the need” to raise the price they have offered by Banco Sabadell.

Right now, the OPA offers Banco Sabadell’s shareholders to receive a new BBVA issuance action for every 5.3456 Sabadell Bank shares, in addition to 0.70 euros in cash for the accrued dividends but not distributed from BBVA. Moody’s recalls that this offer “values Sabadell below his current market price.”

The OPA acceptance period will only occur once the operation of the operation by the National Securities Market Commission (CNMV) is approved. This period will last between 15 and 70 days, which “potentially delay the end of the operation until September.”

On April 30, the National Commission of Markets and Competition (CNMC) approved BBVA OPA on Sabadell in the second phase. After that, the operation went to the Ministry of Economy, which has 15 days to examine whether there are issues of general interest outside the competition to be valued.

A “less attractive” operation if there are more conditions

The Ministry has in the term until May 27 to raise the case to the Council of Ministers, which then has another 30 days to decide whether it approves the agreement in the terms of the CNMC or if it imposes new conditions. This last situation “could make the less attractive agreement for BBVA,” according to Moody’s.

From Tuesday to May 16, the Government has opened a public consultation to collect opinions from individuals, unions, business organizations and economic agents on the affectation of the OPA in matters outside the competition. This is the first time that the Government makes use of a public consultation in a corporate operation of this type.