Business · Companies · 2 hrs ago
Sabadell shareholders rejected BBVA’s takeover bid after an 18-month battle
BBVA tried to take over Banco Sabadell, another Spanish bank, but Sabadell’s shareholders rejected the offer in October 2025.
The bid followed an 18-month contest between the banks.
BBVA wanted to strengthen its position in Spain and reduce its reliance on Mexico and Turkey, where instability creates risks.
Sabadell argued that it should remain independent, and its many smaller shareholders with personal ties to the bank helped its case.
BBVA won support from 25.33% of shareholders, below the 30% minimum it had set for the deal to proceed.
The dispute also tested the roles of Spain’s competition and markets regulators, after the government tightened conditions on a possible merger.
Spain’s markets watchdog has offered to advise the Economy Ministry on a possible update to takeover rules that it says have gaps and contradictions.
Banco Sabadell shareholders rejected BBVA’s takeover bid on 16 October 2025, ending an 18-month battle.
BBVA won support from 25.33% of shareholders, below the 30% minimum it had set to proceed.
Sabadell argued it should remain independent and appealed to shareholders’ personal ties to the bank.
The article says BBVA’s offer was also considered too low to attract enough investors.
BBVA had sought to expand its presence in Spain and reduce the relative weight of its Mexico and Turkey businesses.
- Who
- Banco Sabadell shareholders rejected a takeover bid from BBVA.
- What
- They rejected BBVA’s offer to acquire Sabadell. BBVA received 25.33% of shareholders’ support.
- When
- 16 October 2025, after an 18-month battle.
- Where
- Spain.
- Why
- Sabadell campaigned to remain independent, and the article says shareholders’ personal ties to the bank and BBVA’s offer being too low were key factors.
BBVA
Banco Sabadell
Strategic aim
BBVA
BBVA wanted to integrate Sabadell to expand its presence in Spain and balance its exposure to Mexico and Turkey.
Banco Sabadell
Sabadell wanted to continue operating independently.
Shareholder support
BBVA
BBVA’s bid needed at least 30% support to proceed, but received 25.33%.
Banco Sabadell
Sabadell appealed to shareholders’ personal ties to the bank, which the article says helped secure the rejection.
Offer
BBVA
The article says BBVA’s offer was too low to attract enough investors.
Banco Sabadell
Sabadell’s shareholders rejected the offer.
The law has been in force for 20 years and has gaps and contradictions.
BBVA’s bid for Sabadell made them more apparent than any other transaction before.
BBVA launched its bid, offering one BBVA share for every 4.83 Sabadell shares.
Sabadell shareholders rejected the bid after BBVA received 25.33% support, below its 30% minimum.
Sabadell offices celebrated, while BBVA considered the matter closed.
El Mundo published an account reflecting on the failed takeover.
- Shareholder support for BBVA
- 25.33%
- BBVA voting rights secured
- 25.47%
- Minimum support set by BBVA
- 30%
- Initial exchange offer
- 1 BBVA share for 4.83 Sabadell shares
- Offer launch
- 9 May 2024
- Rejection
- 16 October 2025
Sources
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