Sabadell Shareholder Zurich Insurance Doesn't Intend to Tender Stake to BBVA Offer

Dow Jones

Oct 07, 2025

By Elena Vardon

Zurich Insurance said it doesn't intend to tender the shares it holds in Spanish bank Sabadell as part of BBVA's takeover offer.

"The current offer does not provide an attractive proposition for Sabadell's shareholders beyond the company's standalone prospects," a spokesperson for the Swiss insurer said Tuesday.

Zurich Insurance owns a 4.95% stake in Sabadell, making it the bank's second largest shareholder after BlackRock, based on LSEG Workspace data. The groups have a long-standing insurance partnership in Spain.

BBVA has been pursuing a deal with Sabadell since May last year and is seeking to amass at least 50% of Sabadell's voting rights by the closure of the acceptance period on Friday.

If it secures between 30% and 50% and waives the 50% minimum threshold, BBVA can choose to launch a second offer for the rest of the shares in cash or walk away.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

October 07, 2025 07:31 ET (11:31 GMT)

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