The bid only convinced shareholders representing 25.47% of Sabadell voting rights. That was far short of the 50% BBVA needed for the deal to pass outright.
Lender BBVA has failed in its takeover bid for smaller rival Sabadell, bringing an end to the tumultuous Spanish banking drama.
Sabadell shareholders holding 25.47% of voting rights backed the offer, far short of the 50% needed for BBVA’s bid to succeed outright. If the proposal had received a backing over 30%, BBVA could have launched a second offer.
The news comes as a heavy defeat for BBVA chair Carlos Torres, who unsuccessfully bid for Sabadell in 2020. After another failed friendly attempt in April 2024, Torres then launched the hostile bid in May 2024.
BBVA’s offensive unleashed a wave of political, business, and social backlash, especially in Catalonia. Sabadell was founded in this part of Spain, a region with a strong nationalist identity and a history of independence movements.
