Spanish Securities Commission sets 17 October timetable for publishing the outcome of BBVA’s takeover bid for Banco Sabadell and cautions on fair price speculation

The Spanish Securities Commission (CNMV) has issued a market notice to clarify the expected next milestones for BBVA’s ongoing public takeover bid for Banco Sabadell, citing contradictory information circulating in the market. The CNMV expects to publish the result of the offer on 17 October, and will communicate any decisions deriving from that result later the same day after the publication. The CNMV noted that one possible consequence of the acceptance-period outcome could be a requirement for BBVA to launch a mandatory takeover bid under Royal Decree 1066/2007. If that circumstance arises, the CNMV would publish the criteria for determining the “fair price”, which would set a floor below which the offer price could not be set, and it warned that any assertions about the fair price determination before those criteria are published should be treated as speculation. The authority added that it will use its supervisory and sanctioning powers if necessary, in accordance with the applicable rules, with investor and shareholder protection as the priority.