Editorial: La Vanguardia

• BBVA's public takeover bid for Banc Sabadell has met with significant political, business, and social rejection.
• Sabadell's directors rejected the initial offer, considering it undervalued and not reflecting the bank's future growth capacity.
• The large international investment funds, although they are major shareholders, do not have more than 10% of the entity and therefore are not decisive.
• The final decision on the takeover bid does not depend solely on shareholders, as it also needs the authorization of the European Central Bank and the Spanish Government.
• The Spanish Government and the Autonomist governments of Valencia and Catalonia oppose the merger due to fears of excessive concentration in the banking sector.
• BBVA's Chairman, Carlos Torres, trusts that over time the benefits of the integration will be appreciated.

Conclusion: The proposed acquisition by BBVA has been met with strong rejection, marking the start of what is anticipated to be a long and complex battle.

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