The main index of the Spanish stock market, the Ibex 35, began this Thursday’s session with a drop of 0.39%, which has led it to stand at 11,109 points, in a day in which the markets will put the focus on Spanish banking, after BBVA would launch a hostile public takeover bid (OPA) for 100% of Banco Sabadell.
This operation occurs after this entity rejects a friendly proposal. BBVA offers Sabadell shareholders an exchange of one new title for every 4.83 of Sabadell, the same offer that had been proposed last week to the board of directors of the Catalan entity, so the 30% premium on the closing price of both entities on April 29 is maintained; 42% on the weighted average contributions of the last month; and 50% on the weighted average prices of the last three months.
On Wednesday, Banco Sabadell made public a communication to the National Securities Market Commission (CNMV) regarding a letter sent last Sunday, May 5, by the president of BBVA, Carlos Torres, to his counterpart at Banco Sabadell, Josep Oliu, informing him that there was no room to improve the merger offer in economic terms. Torres told Oliu, by letter, that he could not offer a higher premium and that BBVA’s stock market capitalization had suffered: I am writing to you as a follow-up to the email I sent you last Tuesday in which I attached our proposal with the terms for a fusion I understand that you are evaluating it exhaustively to give us a response, and in that sense I consider it very important that your board of directors knows that BBVA does not have any room to improve its economic terms, said the text sent by Torres.
In the first stages of this Thursday’s session, the biggest rise within the Ibex 35 It was scored by Banco Sabadell (+6.89%), followed by Amadeus (+1.14%), Merlin Properties (+0.93%) and Repsol (+0.89%). On the opposite side were BBVA (-4.9%) and Telefnica (-0.74%).
Telefnica presents results
In the business field, marked by the publication of business results, Telephone reported before the opening of the market that it recorded a net profit of 532 million euros in the first quarter of the year, which represents an increase of almost 79% compared to the 298 million euros in the same period of the previous year.
Under the macroeconomic umbrella, the Spanish Public Treasury will return to the markets with an auction of State bonds and obligations, in which it hopes to place between 5,750 million and 7,250 million euros. The main European stock markets open this Thursday with a positive sign, with increases of 0.19% for Milan, 0.18% for Frankfurt, 0.1% for London and 0.01% for Paris. At the opening of the stock market, the price of a barrel of Brent quality oil, a reference for the Old Continent, rose 0.41%, to 83.92 dollars, while that of Texas stood at 79.42 dollars. , 0.54% more. In the foreign exchange market, The price of the euro against the dollar advanced to 1.0740 greenbacks, while in the debt market the interest required on the 10-year Spanish bond climbed to 3.261%.
