BBVA proposes to merge by absorbing Banco Sabadell at an exchange of one new share for every 4.83

BBVA proposes merger by absorption Bank of Sabadell With the exchange of one newly issued BBVA share each 4.83 shares of Banco Sabadell, assuming that no dividends, reserves or other distributions will be made by any of the companies to their shareholders.

BBVA has communicated to the National Securities Market Commission (CNMV) the letter sent to the Board of Directors of Sabadell containing the proposal for a possible merger between the two entities.

You may be interested in: New bank mergers and acquisitions are coming: Sabadell, Bankenter, Cotexabank, Abanca and Unicaja are in the best position

The letter details that BBVA will take care of the exchange of Banco Sabadell shares by issuing new ordinary shares whose subscription will be reserved for holders of Banco Sabadell shares and which will be admitted to trading on the stock exchange. Spanish continuous market And in other markets where its shares are listed.

Furthermore, it has been determined that three members of the current Board of Directors of Banco Sabadell, selected by mutual agreement between the parties, will be proposed to be incorporated as non-executive directors on the Board of Directors of BBVA at the time the merger is achieved.

One of these directors will be proposed to be one of the Vice-Chairmen of the Board of Directors of BBVA.

The entity resulting from the merger will have one of the Group's operational headquarters in Catalonia, which will be established at the Banco Sabadell corporate center in Saint Cugat.

You may be interested in: BBVA repeats record numbers, forecasts profit of $2,200 million in Q1, 19% more

The company name and brand will be those of BBVA, although the use of the Banco Sabadell brand may be maintained, together with the BBVA brand, in those territories or companies in which it may have a relevant business interest, as detailed in the letter. .

The merger will be subject to obtaining corresponding permits or declarations of non-objection from the competent supervisory authorities (in particular, the statement of the Head of the Ministry of Economy, Trade and Business) and from the competent competition authorities (in particular, the National Commission for Markets and Competition).

News prepared by Europa Press