BBVA: TAKEOVER BID ON GARANTI MINORITY SHAREHOLDERS (ANÁLISIS BANCO SABADELL)
BBVA has made public it will launch a TOB on the 50.15% it does not hold in its Turkish subsidiary, Garanti,at 12.20 TRY/sh. (€ 1.06), meaning a +15% premium over the closing price on 12/11 (+34% above its 6-month average). This will represent a maximum outlay of 25.7 Bn TRY (€ ~2.25 Bn), in line with our valuation and around -3% below the consensus T.P. for Garanti.Banco Bilbao Vizcaya Argentaria is an international financial group, engaged primarily on providing banking services and consumer finance to private individuals and businesses in Spain and Portugal; providing real estate activity in Spain; providing services to international companies and investment banking, capital markets and treasury management services to clients; and providing the banking, insurance and pension businesses in Mexico and the U.S., as well as in South America.
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