BBVA holds a shareholders’ meeting to raise capital and handle the takeover of Sabadell

BBVA holds a shareholders’ meeting to raise capital and handle the takeover of Sabadell

BBVA has called an extraordinary general meeting of shareholders to propose a capital increase to deal with the acquisition of Banco Sabadell, it was announced on Friday in a statement. The meeting scheduled for July 5 of the current shareholders of the Basque Bank must be used to approve the proposal to issue new shares for delivery to Sabadell shareholders who accept the purchase offer. According to BBVA, the new issuance “will not entail any disbursement by shareholders” in the bank. The aim is to issue 1,126 million new ordinary shares with a maximum value of €0.49 each, with the amount of the capital increase depending on the total number of acceptances received from Sabadell.

“With this capital increase, we are taking a step in the shareholder buyout process of Banco Sabadell,” said BBVA President Carlos Torres.

In fact, a capital increase is one of the necessary steps for the Basque entity to proceed with the acquisition of 100% of Sabadell’s shares.

The offer stipulates that BS shareholders will receive one new share in BBVA for every 4.83 shares in Sabadell. If there is full acceptance of the offer, the new shareholders will receive 16% of BBVA.

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