During the XVI Expansión-KPMG Financial Meeting, BBVA addressed the data presented by Sabadell about the joint of shareholders to its Public Acquisition Offering (OPA). Onur Genç, CEO of BBVA, expressed optimism by stating: “We believe that acceptance will exceed 50%”.
Currently, more than 30% of Sabadell’s capital is in the hands of institutional investors who do not follow rates, including investors who negotiate on price differences and have already secured their participation in the OPA. Genç pointed out that “all our interlocutors confirmed that they will participate”. In addition, about 20% of the capital belongs to funds that replicate IBEX 35, and many of these investors have expressed their intention to participate with a significant portion of their assets.
However, the voice of minority shareholders is essential, as they hold between 41% and 42% of Sabadell’s capital and usually follow the advice of the board. Genç hopes that “today we can achieve a 40% acceptance of the 2% of shares we represent from small investors.” So far, only 1% of minorities have accepted the OPA, and the deadline for membership ends next Friday, October 10.
The BBVA CEO also criticized Sabadell’s management, commenting that the confusion generated around the price of a possible second Oops “is not acceptable.” The bank administrator claimed that Sabadell is “misleading” shareholders by suggesting that the price of the next OPA will be higher than the current. Genç stressed that “Sabadell’s information is not correct” as the price will be defined in accordance with current legislation.
On the other hand, Sabadell argues that the price of the second Oops must be “necessarily higher” as the law requires a fair price. If a second OPA occurs, the CNMV (the regulatory and supervisory authority of Spain’s financial markets) will be responsible for determining this value, and the interpretation of the legislation may be complex.
Also, last week, the BBVA filed a complaint to CNMV about inadequate practices in Sabadell Bank agencies that make it difficult for shareholders to accept the OPA.
Carlos Torres, president of BBVA, mentioned that “there is evidence of clients to face difficulties in agencies to perform the acceptance procedure.” The complaint points to barriers imposed on investors for up -to -date information about their actions, essential to participate in the OPA.