1615 GMT - BBVA will have to improve its takeover offer for Banco Sabadell after the latter's share price improvement, Alantra Equities says in a research note. The all-share offer's original 30% premium has now shrunk to 4.5% given Sabadell's share price increase and BBVA's fall since it was made last spring. "We expect the correlation with the BBVA share swap--and related Mexican volatility--will break once the market recognizes better value in Sabadell's standalone story," analyst Francisco Riquel writes. The premium could turn negative, forcing BBVA to improve the bid or walk away, he adds. Alantra opposes tendering the shares unless the offer is improved by 20%. The broker raises its rating on Sabadell to strong buy from buy and its target price by 6% to 2.55 euros. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
January 08, 2025 11:15 ET (16:15 GMT)
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