BBVA’s Sabadell Bid Sways Key Investor as It Seeks to Cross 50%

Oct. 1, 2025, 8:12 AM UTC

BBVA SA’s €17 billion ($20 billion) takeover bid for Banco Sabadell SA was accepted by a major shareholder, providing a boost as Spain’s second-largest bank aims to get more than 50% of the rival’s shares.

David Martinez agreed to the offer, according to a filing on Tuesday. The Mexican billionaire, who owns 3.86% in Sabadell and sits on its board, had previously rejected the proposal but changed his mind after BBVA last week stepped up the price.

Carlos Torres
Photographer: Aaron M. Sprecher/Bloomberg

The tender offer is nearing its end on Oct. 10 and BBVA has been pulling out all the stops to convince ...

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