BBVA now awaits the authorisation of the Spanish CNMC, among others. Credit: Banco Bilbao Vizcaya Argentaria, S.A.

BBVA has received the green light from the Mexican Federal Economic Competition Commission (Cofece) for its proposed acquisition of Banco De Sabadell’s (Sabadell) shares in various subsidiaries in Mexico.

In May 2024, BBVA presented a $13.4bn offer to Banco Sabadell shareholders, four years after previous merger talks between the two parties failed.

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BBVA proposed exchange rate of one BBVA share for every 4.83 of Sabadell, reflecting a 30% premium over the banks’ closing prices on 29 April and a 50% premium over the average prices of the previous three months.

This merger is expected to increase BBVA’s loan market share in Spain to nearly 22%.

BBVA’s offer to Banco Sabadell shareholders remains unchanged from the financial terms presented to its board of directors on 30 April 2024.

This exchange ratio is designed to ensure that Banco Sabadell shareholders benefit from the value generated by the merger, securing a 16% stake in the combined entity.

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Despite an earlier rejection by Sabadell’s board, BBVA is taking its offer directly to the shareholders.

The merger will form a lender with over 100 million customers and assets surpassing €1tn, positioning BBVA as what it claims to be Spain’s second-largest bank.

The new bank will have dual headquarters in Spain, located in Banco Sabadell’s corporate centre in Sant Cugat del Vallès (Barcelona) and Ciudad BBVA in Madrid.

The completion of the deal is contingent on acquiring a majority stake in Banco Sabadell, exceeding 50.01%, and further regulatory approvals.

However, BBVA’s offer was rejected by the Spanish Government.

Spain Economy Minister Carlos Cuerpo was cited by the news agency as saying that takeover could pose potential risks to the financial system and impacts on employment and customers.

BBVA has already achieved regulatory approvals, including from the UK’s Prudential Regulation Authority and the European Central Bank, with the European Commission’s competition authority also raising no objections.

BBVA now awaits the authorisation of the Spanish competition authority (CNMC), the Spanish securities markets regulator (CNMV), and the acceptance of the offer by a majority of Banco Sabadell shareholders.