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Spanish lender Sabadell is telling retail shareholders they may have until 2025 before deciding on BBVA’s 12.23 billion euro ($13.3 billion) hostile takeover attempt as it seeks to stave off the bid.
In a letter to Sabadell’s shareholders this week, Sabadell chairman Josep Oliu said investors do not have to make any decisions at this stage “as the takeover bid process may continue until the end of 2024, or even 2025.”
“It would be then that the board of Banco Sabadell would issue a public and detailed recommendation regarding the bid and you would have to make your decision,” Oliu said in the letter seen by Reuters.
Retail investors make up close to half of Sabadell’s shareholder structure.
BBVA made an all-share offer for Sabadell last month, which was rejected, prompting the Spanish bank to turn hostile in pursuing its smaller rival.
Last week, Spanish bank BBVA asked the stock market supervisor CNMV to authorise its takeover offer for Sabadell, a potential lender tie-up that Madrid opposes.
BBVA had said that the process could take six to eight months before formally going to shareholders. The offer needs the approval of at least 50.01% of Sabadell shareholders.
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