BBVA begins the first day after the failure of its takeover bid with good news on the stock market. The market celebrates the result and gives the bank a 7% start in the trading day. On the opposite side, the oppressed entity, Sabadell, begins the day with a decline of 7%.
This is the first stock market session in Spain since the result of the operation was known. The takeover records were published this Thursday, when the Stock Market had already made a mistake. There was the reference of the US market, where BBVA is also listed and reaped a significant increase despite not having reached its goal with Sabadell.
Although BBVA intended to reach 50% of Sabadell with a hostile takeover that has set the record for being the longest in history, it was ultimately only able to attract 25% of the Catalan bank's capital. With this, he decided to withdraw the takeover bid and return the shares that had been acquired. This Friday an explanation is expected from the bank's management about the next steps to follow.