BBVA calls an extraordinary general meeting of shareholders
BBVA has convened an extraordinary general meeting of shareholders to be held on July 5, at the Palau Euskalduna in Bilbao, in which it will propose the capital increase it needs to carry out the hostile takeover bid it has presented on Banco Sabadell.
Capital increase and contributions
As detailed by BBVA and collected by Europa Press, the maximum nominal amount of the expansion will be 551.9 million euros and will be made with non-monetary contributions, through the issuance and circulation of up to 1,126 million of shares, with a nominal value of 0.49 euros each, of the same class and with the same rights and obligations as the BBVA shares currently in circulation.
Addressed to Sabadell shareholders
The capital increase and the issuance of the new shares will be directed exclusively to Sabadell shareholders who come to the OPA to voluntarily accept during the acceptance period or by virtue of the exercise of the resulting forced purchase and sale rights of the offer.
Share exchange proposal
BBVA has proposed to Sabadell shareholders the exchange of one new BBVA share for 4.83 shares of the Catalan entity. After the exchange and assuming 100% acceptance by Banco Sabadell shareholders, they would have a 16% stake in BBVA.
Benefits for Sabadell shareholders
The financial entity defends that the shareholders of Sabadell will benefit from a premium of 30% on the closing of both entities on April 29, 42% on the weighted average quotes of the last month, or 50 % on the weighted average quotes of the last three months.
The hostile bid for Sabadell
BBVA launched a hostile takeover bid for Sabadell last May 9, after the rejection of Sabadell’s purchase offer put forward by BBVA. The offer is close to the one that was not accepted by the board of directors, with the aim of trying to take control of the shares.
Issuance of Sabadell mortgage bonds
A few days ago, Banco Sabadell placed an issue of 1,000 million in mortgage bonds with a maturity of 10 years. The issue had a coupon of 3.25% and the entity has included it in its financing plan, despite the takeover bid that BBVA has proposed for the entity.
