- On 16 October the result was announced: only about a quarter of Banco Sabadell’s capital accepted BBVA’s offer.
- It was far below the required minimum, so the operation lapsed after almost a year and a half.
- For any corporate operation, the price has to convince the seller, not just the buyer.
On 16 October 2025 the result of BBVA’s takeover bid for Banco Sabadell was announced: only about a quarter of the Catalan bank’s capital had accepted it, far below the required minimum. The operation lapsed after almost a year and a half of process, during which it had held a central place in the economic conversation in Barcelona and across Spain. For many employees, customers and shareholders, it was a long period of waiting and uncertainty.
An offer of this size mobilises shareholders, regulators, employees, customers and administrations. Its outcome matters not only for what it means for the two banks: it is also a lesson in how takeovers of listed companies work, in who has the last word and in what it takes for an offer to succeed. That lesson is useful to any business owner, large or small.
The result
That quarter of the capital that accepted BBVA’s offer fell well short of what was required. Without that minimum, the operation lapsed, closing a long process that had kept the bank in suspense.
Takeover bids are usually conditional on a minimum percentage of acceptance being reached, precisely to prevent the buyer from ending up with a stake too small to control the company. If that threshold is not reached, the offer lapses. Here the gap between what was accepted and what was required was very large, which made the outcome unmistakable for all parties. When the result is so clear, it is easier to turn the page and focus on each bank’s future.
Shareholders decided
The shareholders, many of them Catalan retail investors, decided. In a takeover bid, the last word belongs to those who hold the shares: each chooses whether or not to accept the price offered, and the sum of those decisions determines the result.
This means that neither the authorities nor the management teams decide on their own. They can recommend, condition or reject, but it is the owner of each share who finally sells or not. For a retail shareholder, understanding what is offered, what value they themselves attach to their holding and what alternatives they have is the basis of an informed and calm decision. For shareholders, the reasonable course is to review the official communications and consult an adviser before acting, without being swayed by the pressure of the calendar.
The lesson for corporate operations
For any corporate operation, the lesson is clear: the price offered has to convince the seller, not just the buyer. When a purchase, a merger or the entry of partners is being considered, it is wise to understand what the other party expects, what value it places on its stake and what conditions would make it accept.
In family businesses or medium-sized companies, the same idea applies on a smaller scale. A purchase, a sale or the entry of a partner is rarely closed on a good figure alone: trust, timing, the future of the people involved and the vision for the project all count. Preparing to listen to the other party is as important as preparing one’s own proposal, and an experienced adviser helps to put both in order. And although every operation is different, almost all are settled at the table of whoever has to sign.
In corporate operations, price decides, but trust opens the door.
This article is general information. It is not legal, tax or investment advice, and it does not take anyone’s particular circumstances into account.
