BBVA Enhances Proposal for Competitor Sabadell with $20 Billion All-Stock Offer
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 22 2025
0mins
Should l Buy BBVA?
Source: WSJ
BBVA's Takeover Bid: BBVA has increased its hostile takeover bid for Banco de Sabadell, now valuing the target at 17.04 billion euros ($20.02 billion) entirely in stock.
Improved Exchange Ratio: The new offer includes an exchange of one BBVA share for every 4.8376 ordinary Sabadell shares, compared to the previous offer of one BBVA share and 0.70 euros for every 5.5483 Sabadell shares.
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Analyst Views on BBVA
About BBVA
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) is a Spain - based bank. It is a diversified financial company engaged in retail banking, wholesale banking, asset management and private banking. Its segments are: Spain, the United States, Turkey, Mexico, South America and Rest of Eurasia. The activities in Spain are banking activity and Insurance. In the United States it offers services through, BBVA USA and the BBVA New York branch. The Turkey segment is represented by the group Garanti BBVA, an integrated financial services group, that also operate in Holland and Romania. The Mexico segment activities include banking and insurance businesses. In South America, it provides banking and insurance businesses. The Rest of Eurasia segment includes business activity in the rest of Europe and Asia
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Loan Purpose and Repayment Plan: The loan will be utilized to repay a $1.2 billion loan authorized in March 2024 and a portion of a $500 million loan approved in April 2025, ensuring ongoing progress in optimizing the company's debt structure.
- Loan Terms and Risk Management: The loan has a five-year term with a floating interest rate and includes standard borrower events of default, allowing lenders to demand early repayment in case of default, thereby enhancing the security and controllability of the loan.
- Company Background and Market Position: Ecopetrol is Colombia's largest company, responsible for over 60% of domestic hydrocarbon production, and holds a significant position in the energy market across the Americas, demonstrating its strong competitiveness and potential for sustained growth in international markets.
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- Construction Financing Closure: Avantus has successfully closed over $300 million in construction financing.
- Involvement of Financial Institutions: The financing involves BBVA and CIBC for the Kitt Solar and Energy Storage Project.
See More
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- Tariff Cancellation Impact: The U.S. Supreme Court's annulment of Trump's tariffs sparked a market rebound; however, concerns over NVIDIA's deal with OpenAI dampened the momentum, reflecting ongoing uncertainty in the market outlook.
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See More
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- NPL Disposal: BBVA is in talks to offload €380 million in soured mortgages, a strategic move aimed at improving balance sheet quality and reducing potential credit losses, thereby enhancing investor confidence and shareholder value.
- Share Buyback Plan: Following regulatory approval, BBVA announced a €3.96 billion share buyback, which not only aims to boost EPS but also reflects the company's confidence in future cash flows and profitability, expected to have a positive impact on stock prices.
- Market Assessment: Despite BBVA showcasing its strategic direction at the JP Morgan European Insurance Conference, analysts express skepticism regarding its risk-reward proposition, which may influence investors' long-term holding decisions.
See More
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Future Market Outlook: There is potential for further rallies in non-U.S. markets in 2026, driven by decreasing interest rates and increasing corporate earnings.
See More
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Extraordinary Share Buyback Program: BBVA is launching a €3.96 billion share buyback program on December 22, marking the largest buyback in the company's history after receiving necessary approvals.
Future Shareholder Distributions: This buyback is part of a broader plan where BBVA anticipates distributing €36 billion to shareholders from 2025 to 2028, which includes both regular and additional distributions.
See More
