BBVA adjusts offer for Sabadell following dividend payments
MADRID, Oct 2 (Reuters) -Spain's BBVA BBVA.MC on Tuesday said that it had adjusted its takeover offer for Sabadell SABE.MC to take into account interim dividend payments by both lenders to shareholders.
The adjustments, are intended to maintain the economic terms of the offer, originally announced in May, following the dividend payments made by both banks.
In April, BBVA had launched a bid for all Sabadell shares, worth more than 12 billion euro ($13.4 billion). It turned hostile in May.
Following the payment on Tuesday of an interim dividend of 0.08 euros by Sabadell against its 2024 results, BBVA is now offering one newly issued ordinary share for 5.0196 ordinary shares of Sabadell, it said in a filing on Tuesday to the supervisor.
Since BBVA plans to pay an interim dividend of 0.29 euros per share to its own shareholders on October 10, it will add 0.29 euros in cash to each of the newly issued ordinary shares, it said.
BBVA had initially offered one newly issued share for 4.83
Sabadell shares, which represented a premium of 30% on the target's April 29 close.
($1 = 0.9030 euros)
Reporting by Jesús Aguado; editing by Inti Landauro
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