Sabadell shareholders close ranks around Oliu

New round in the open struggle with BBVA's takeover bid for Banco Sabadell. The shareholders of the bank chaired by Josep Oliu have supported with an overwhelming 99.6% the sale of TSB, its British subsidiary, to Banco Santander for more than 3,000 million euros (2,650 million pounds). The vote has not only given the green light to the operation, but is also interpreted as an endorsement of the rejection of the takeover bid launched by the Basque bank.

In two extraordinary general meetings, the bank's shareholders have also approved the distribution of a dividend of 2,500 million. However, it will be collected by investors who distance themselves from BBVA's takeover bid and maintain their shares in April 2026. Gathered at the Fira de Sabadell, the double event took place with the highest participation in recent decades.

The sale of TSB, which will take place from the first quarter of 2026, has been outlined as key within the strategy to block the takeover bid, but, according to Oliu, it would have occurred independently of the operation and how it ends: "The proposal is independent of the takeover bid and would be proposed both in the current context and in a context without a takeover bid due to its clear contribution, which is beneficial for the bank and the shareholders," Oliu guaranteed.

As he detailed, the more than 3,000 million of the operation are the "initial" consideration, and may increase depending on the evolution of the bank until the end of the procedure, which could be extended if agreed by both parties: "At the bank, we estimate that the final price of the shares could be approximately 3,361 million," he pointed out.

Thus, TSB is sold a decade after it was bought for 1,700 million pounds: "The board has estimated that the operation is beneficial for the entity and the shareholders, since it allows executing a divestment at a particularly propitious moment, returning capital to shareholders and focusing the bank on its central project, development in the Spanish market," Oliu pointed out, in reference to an operation that has practically received the unanimous support of the shareholders.

As in a second half of the same match, the successive extraordinary general meeting has approved the distribution of an extraordinary dividend of 0.5 euros per share if the sale of the British subsidiary to Santander materializes. "It is important to specify that if one is not a shareholder at the time of payment, presumably in April 2026, because the shares have been sold or BBVA's offer is accepted, the extraordinary dividend cannot be collected," warned Oliu, who led the meeting together with the CEO of the banking entity, César González-Bueno.

To close the double session, the president of Sabadell invited those present to think about the takeover bid during August: "I just wanted to wish you a good summer and that you reflect well for the day you have to decide if you want to continue with the Banco Sabadell project as a reference bank in our country, or not."