After the failure of BBVA’s takeover bid for Sabadell, the directors of both entities continue to evaluate the operation and explain the reasons why it did not go ahead. In an interview published today, Carlos Torrespresident of BBVA, regretted that the rejection of the takeover bid is a “lost opportunity for everyone”; meanwhile, the president of Banco Sabadell, Josep Oliupointed out that if it did not go ahead it was because of its low price and because it implied uncertainty.
Torres gave an interview to The Newspaper in which they declared that they “fully” assume the decision “of the Sabadell shareholders, who had the last word.” “It makes little sense for us to waste a lot of time thinking about what could have happened if I had done things differently“, indicated the manager, who shortly after knowing the result of the acquisition offer, Torres stated that he was not considering resigning: “I feel fully supported by the board and the shareholders.”
On the other hand, Torres conceded that the acceptance of the takeover bid was lower than expected, in part, he believes, due to “the false expectation of a second offer.” False, he clarifies in the interview, “in the sense that it was very uncertain and that it had no advantage.”
Meanwhile, Oliu declared in an interview in The Vanguard that “the great uncertainty” that the takeover entailed was one of the reasons why it failed, along with its price and the fact that the minority shareholders preferred “that the bank remain independent.” “After 16 months of complications, messes, the operation had a great chance of failing, in the sense of destroying value,” Oliu said.
Oliu, who upon learning of the failure of the takeover bid declared that it was “a day of celebration” and that it had to be celebrated – “in a moderate way” – also referred to the fall in Sabadell shares: “The prices of the day after the takeover bid are irrelevant.” “After a couple of months we will see where the action is.”
Likewise, Oliu explained that he has spoken by phone with Torres: “The result of joining the OPA is so low that he, nor I, nor César expected it.”