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‘Hostile’ Takeover Bid
Key information on the process and the bid

BBVA announces the submission of a merger proposal to Banco Sabadell
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Banco Sabadell rejects BBVA’s merger proposal
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BBVA announces the submission of a takeover bid for Banco Sabadell
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BBVA submits the request for authorization of the takeover bid to the CNMV
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CNMV agrees to process the request for authorisation of the bid
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Authorisation from the Prudential Regulation Authority (PRA)
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 ECB non-opposition to the takeover bid
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BBVA announces the adjustment of the exchange ratio of the takeover bid because of the payment of dividends by Banco Sabadell and BBVA
Announcement from the Spanish competition authority (CNMC) to extend its analysis to phase 2
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  • During the second quarter of 2025 (expected) – CNMC resolution (Phase 2)
  • During the second quarter of 2025 (expected) – If applicable, Government resolution (Phase 3)
  • During the second or third quarter of 2025 (expected) – CNMV authorisation and publication of the takeover bid explanatory prospectus and start of the “acceptance period”
  • During the third quarter of 2025 (expected) – End of “acceptance period” and publication of the result of the takeover bid

 

See the complete overview of relevant information communications

Relevant information

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