MADRID, 8 May. (EUROPA PRESS) –
BBVA has made public this Wednesday in a communication to the National Securities Market Commission (CNMV) a letter that its president, Carlos Torres, sent on May 5, to his counterpart at Banco Sabadell, Josep Oliu, informing him that there was no “room” to improve “in economic terms” the merger offer.
“I am writing to you as a follow-up to the email I sent you last Tuesday in which I attached our proposal with the terms for a merger. I understand that you are exhaustively evaluating it to give us a response, and in that sense I consider that it is very important that your advice administration knows that BBVA does not have any room to improve its economic terms,” said the text sent by Torres.
BBVA has made public the full content of the letter sent to Oliú, insisting that its proposal had “exhausted all the space” that was available and that it could not offer a higher premium, recalling that its market capitalization had already been reduced. at 6,000 million euros.
“In our proposal we have already exhausted all the space we had, having maintained a 30% premium despite the large relative rise in your stock from mid-April to the 29th. Additionally, since last Tuesday the market has also made it clear that there is no further possibility of increase, since BBVA’s market capitalization has decreased in the period by more than 6,000 million euros. This situation absolutely prevents us from being able to pay more premium than what we already offer, because if we did it is foreseeable. that our value would fall again (even by an amount greater than the increase in premium that we made)”, Torres stressed to Oliu.
