The president of BBVA, Carlos Torreshas publicly accepted the defeat in its takeover bid about Banco Sabadell and denies that he is considering resigning due to the result of the operation, which only involved 25.4% of the bank’s capital.
“I am not considering resigning. My continuity at the bank does not depend on this process“which has been approved, step by step, and “unanimously by the board of directors,” declared Torres. “I feel fully supported by the board and the shareholders’ meeting.”
“It matters little what could have happened. The result is not what we wanted. When we said what we said it was based on the estimates of that moment,” Carlos Torres has defended himself regarding his forecasts regarding the degree of acceptance of the OPA, which he estimated at around 60%-70%.
“A second takeover bid could have influenced the retail groups, as well as the contrary opinion of Banco Sabadell, and this could have dragged passive funds, we believe that they have attended very low percentages. We believe that the traditional institutional, long, long only, that had been transferred to us unanimously, we believe that they have complied for the most part.”
The takeover bid has been accepted by 25.47% of the voting rights (25.33% of the shares), as reported by the National Securities Market Commission (CNMV) this Thursday without revealing who had signed the offer. Clearly insufficient to even consider a second operation, which was the central hypothesis of the entire market and which has failed miserably in its forecasts.
“The public offer has had a negative result since the minimum limit set by the offeror for its validity has not been reached and, in accordance with the provisions of the offer prospectus, since this minimum cannot be waived to the extent that the number of Banco de Sabadell shares that have accepted the offer represents a percentage of less than 30% of their voting rights, excluding treasury stock. Therefore, as provided for in article 33.3 of the aforementioned Royal Decree, the offer is without effect,” reads the regulator’s statement this Thursday. BBVA, which managed to improve the offer in shares with the acceptance period already started, was listed for months at a negative premium over its stock market price, which meant losing money for those who went to the exchange.
The post Carlos Torres, after the failure of the takeover bid for Sabadell: “I am not considering resigning, I feel fully supported by the board and the shareholders” appeared first on Veritas News.
