Business · Companies · 1 hr ago
Spanish bank mergers stall a year after BBVA’s failed Sabadell bid
In October 2025, BBVA’s takeover bid for Sabadell failed, leaving the Catalan bank independent.
The bid followed a 17-month battle, and Sabadell’s board had argued that BBVA’s offer undervalued the bank.
Since then, no major Spanish bank merger has begun, despite speculation about possible deals.
Spain’s large banks are profitable, and experts say they can fund their own plans and invest in technology and cybersecurity.
BBVA is focusing on digital growth, while Sabadell has adjusted its leadership and started growing again.
The Spanish government barred a merger for at least three years, and the European Commission opened a proceeding over the government’s intervention.
A year after BBVA’s takeover bid for Sabadell failed, Spanish bank mergers have stalled.
The bid ended on 16 October 2025, after Sabadell shareholders gave it insufficient support.
BBVA and Sabadell have since pursued their strategies independently, and both banks’ shares have risen.
Sources cite record bank profits, an earlier deep wave of consolidation and competing shareholder interests as reasons further deals have not advanced.
- Who
- BBVA and Sabadell, alongside other Spanish banks that could be involved in future mergers.
- What
- Spanish bank mergers have stalled a year after BBVA’s failed takeover bid for Sabadell.
- When
- The bid failed on 16 October 2025; the articles report on the situation a year later.
- Where
- Spain.
- Why
- Sources cite record profits, an earlier deep consolidation process and obstacles to reconciling the interests of banks’ main shareholders.
BBVA
Sabadell
Merger
BBVA
BBVA sought to merge with Sabadell to strengthen its position in Spain and reduce its dependence on emerging markets.
Sabadell
Sabadell’s leadership opposed the offer, saying it undervalued the bank and its prospects as an independent company.
Outcome
BBVA
BBVA launched a hostile takeover bid, offering one BBVA share for every 5.5483 Sabadell shares plus €0.70 in cash.
Sabadell
The offer did not secure enough shareholder support, and Sabadell remained independent.
BBVA’s takeover bid for Sabadell failed after it received support from 25.33% of the bank’s shareholders.
Sabadell celebrated the result with its staff.
No bank merger deal advanced, as banks continued to operate independently.
- Bid result
- 25.33% of Sabadell’s shareholders supported the offer
- Offer terms
- One BBVA share for every 5.5483 Sabadell shares, plus €0.70 in cash
- BBVA share price
- Up 47% since the bid ended, or 55% including dividends
- Sabadell share price
- Up 12% since the bid ended, or 30% including dividends
- Sabadell planned dividends
- €6.3 billion between 2025 and 2027, including a €2.5 billion payment after the sale of TSB
3 sources
What people are saying
We have a bank in its best moment, a committed team, and a clear roadmap to continue growing and creating value for our shareholders, clients and society.
It undervalues the bank and its prospects as an independent company.
I don't see anything happening in the short term.