Banco Sabadell returns to Catalonia in the midst of a Bbva takeover bid. The bank is going to convene an extraordinary council to return to this autonomous community seven years later and establish its tax headquarters there.
According to knowledgeable sources, The Sabadell council will debate the issue “soon.” The entity is considering moving its headquarters again to the city of Sabadell.
Sabadell was the first company to move its headquarters outside Catalonia, specifically to Alicante, after the illegal referendum of October 1, 2017. Since then, The leadership has always defended that the return would only be analyzed “if the necessary conditions were met.” It is not necessary to pass the measure through the shareholders’ meeting, according to knowledgeable sources.
This return to Catalonia takes place in the middle of the Hostile takeover launched by Bbva on Sabadellthat It is still pending approval from the main supervisors and regulators.
In November, The Cnmc sent the operation file to phase twosomething that allows the Government to come into play, contrary to this hostile takeover bid, in phase three. You can impose extra conditions for reasons of general interest (never for competition reasons) and even veto the merger.
In order to guarantee the success of the operation, Bbva decided on January 10 to lower the minimum threshold for acceptance of the offer with the aim of exclude Sabadell’s treasury stock from the total count of shares. That is, the bank’s own securities.
On the political level, Sabadell’s decision also coincides in time with the presence of the socialist Salvador Illa in the presidency of the Generalitatwhich he agreed to last summer of 2024, and within the framework of the Government’s negotiations with the Catalan independentists, including the processing of the General State Budgets, PGE.
