Spanish banking giant BBVA on Monday sweetened its takeover bid for Banco Sabadell, hoping the improved terms will persuade shareholders of its smaller rival to accept the offer before the 7 October deadline.
The move comes just over a week after Sabadell’s board advised investors to dismiss BBVA’s plan to forge a new European banking giant, arguing the original proposal undervalued the company.
In a statement, BBVA confirmed it is lifting its offer to Sabadell shareholders by 10%, to 3.39 euros a share, putting the overall valuation of the bank at 19.5 billion euros.
The lender made clear it will not raise its bid again, nor push back the cut-off date for acceptance.
‘With this improved offer, we are putting an extraordinary proposal in the hands of Banco Sabadell shareholders,’ BBVA chairman Carlos Torres Vila said. ALSO READ: BBVA to proceed with Sabadell takeover bid, despite government’s conditions.
Sabadell, Spain’s fourth-largest lender, has repeatedly turned down BBVA’s advances, insisting on preserving its independence.
Chief executive César González-Bueno told Onda Cero radio on Monday (see link below) that the revised terms were ‘very weak’ and ‘even worse’, stressing that Sabadell’s market value has climbed since the takeover attempt was first announced. ALSO READ: Banco Sabadell’s shareholders approve sale of UK subsidiary TSB to Santander.
If successful, the deal would combine the two lenders into a European-scale competitor capable of standing alongside industry leaders such as Santander, BNP Paribas and HSBC.
Established in 1881 near Barcelona, Sabadell’s shareholder base is fragmented, with no single investor holding more than 7% – a factor that leaves the outcome of the bid open.
BBVA, Spain’s second-largest bank with significant operations across Latin America and Turkey, first unveiled its all-share offer in May 2024. The formal tender process began on 8 September and runs until 7 October. ALSO READ: Brussels takes legal action against Spain for obstructing BBVA’s takeover bid for Sabadell.
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🗣️ César González-Bueno, CEO de @BancoSabadell, en @MasDeUno sobre la opa: “No es lo más inteligente ir a la primera, con lo cual, hace todavía más difícil llegar al 30%”
📲 Puedes ver aquí la entrevista completa: https://t.co/zYl6tWSI4I pic.twitter.com/Z6t6mlCiAf
— Onda Cero (@OndaCero_es) September 22, 2025
🔵 BBVA sube la oferta por Banco Sabadell un 10% y mejora la fiscalidad de la operación. Lee todos los detalles aquí: https://t.co/PvKqcUpuQW
— BBVA Prensa (@BBVAPrensa) September 22, 2025
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