Sabadell shareholders approve TSB sale, pave way for $2.9B dividend
Photo: Reuters
Sabadell shareholders have unanimously approved the sale of its UK unit TSB to Santander for £2.65 billion, a move widely seen as a strategic defense against BBVA's hostile takeover attempt. The decision also clears the way for a €2.5 billion ($2.9B) special dividend.
BBVA now faces a choice: continue with its €15 billion bid or withdraw. If it proceeds, formal approval is expected in early September, with shareholders given 30 to 70 days to respond. Sabadell’s leadership remains opposed to the takeover, citing limited growth synergies under government-imposed conditions, News.Az reports, citing Reuters.
CEO Cesar Gonzalez-Bueno urged BBVA to provide full transparency in its upcoming bid prospectus.
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