Banco Bilbao Vizcaya Argentaria SA

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• DJ BBVA's Sabadell Offer Adjustment Has Negative CET1 Ratio Implications -- Market Talk, from 17 hours ago by Dow Jones

  17 hours ago by Dow Jones
  Companies Mentioned: BBVA
  
  0938 GMT - The introduction of a cash component in BBVA's takeover offer for Sabadell has an additional negative impact for its CET1 ratio, which measures its capital against its risk-weighed assets, CaixaBank says in a research note after the Spanish lender adjusted the terms to include dividend payments. The adjustment was foreseen in the preliminary offer announcement but does imply that BBVA's CET1 ratio will have an extra 7bps negative impact on top of the 30bps negative impact initially mentioned, analyst Carlos Peixoto writes. "As consequence, it also erodes the bid's return on invested capital from the 20% announced by the bank to circa 16%, according to our maths," he notes. Yet, it also improves the bid's EPS accretion by around 0.5 percentage points against the 3.5% announced by BBVA, he adds. (elena.vardon@wsj.com)
  

• DJ BBVA's Altered Sabadell Offer Might Not Please Some Investors -- Market Talk, from 20 hours ago by Dow Jones

  20 hours ago by Dow Jones
  Companies Mentioned: BBVA
  
  0645 GMT - BBVA's revised takeover offer for its peer Sabadell illustrates how the deal's components can be adjusted as it drags on, with no change to the absolute consideration, RBC Capital Markets says in a note after the Spanish bank tweaked the terms to take interim dividends into account, adding an around 3% cash component. "We expect some investors will not have appreciated that the offer could morph over time," analysts write. The original offer contained a clause to adjust for the payment of dividends, they add. The longer the deal gets delayed, the higher the cash proportion of the offer would become, increasing the cash component to 7% by April, when BBVA usually pays its full-year dividend, the analysts say. The story could run until 2H 2025, they say. (elena.vardon@wsj.com)
  

• DJ BBVA Tweaks Terms of Sabadell Takeover Offer to Take Into Account Dividends, from 21 hours ago by Dow Jones

  21 hours ago by Dow Jones
  Companies Mentioned: BBVA
  
  By Adria Calatayud
  
  Spain's BBVA said it is adjusting the terms of its hostile takeover offer for smaller rival Banco de Sabadell to take into account dividends recently declared by both banks.