BBVA + Sabadell – In the Making
Jefferies | BBVA (Buy) submitted an offer for Sabadell (Restricted) less than 24 hours after BBVA’s interest was leaked to the press. The deal implies c4% EPSenhancement and a 30bps capital cost for BBVA, in line with our baselinepublished yesterday (3% and -20bps respectively) as the higher premium(30%) is offset by larger cost synergies (EUR850m vs. our EUR550mestimate). Deal logic is sufficiently clear and valid for us. The offer is…
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