On 14 Oct 2025, Sabadell shareholders voted against BBVA’s hostile takeover bid, with 97 % of client shareholders rejecting the offer. Only 2.8 % of investors, representing 30.8 % of the bank’s capital, accepted the bid.
The bid, valued at €16.48 billion ($19.07 billion), was the largest hostile takeover attempt in Spanish banking history. The overwhelming rejection indicates that BBVA’s attempt to acquire Sabadell faces a significant hurdle, as the majority of shareholders are unwilling to accept the offer.
The outcome undermines BBVA’s strategic plan to scale in Spain and could delay or derail the integration of Sabadell’s operations. It also signals to regulators and investors that the takeover may not proceed, affecting BBVA’s capital allocation and shareholder value.
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