Banco de Sabadell, S.A. - Special Call
Company Participants
Lluc Sas - Deputy Head of Shareholder and Investor Relations
Cesar Gonzalez-Bueno Wittgenstein - CEO & Executive Director
Sergio Palavecino - Chief Financial Officer
Conference Call Participants
Maksym Mishyn - JB Capital Markets, Sociedad de Valores, S.A., Research Division
Francisco Riquel - Alantra Equities Sociedad de Valores, S.A., Research Division
Ignacio Ulargui - BNP Paribas Exane, Research Division
Fernando Gil de Santivañes d´Ornellas - Intesa Sanpaolo Equity Research
Borja Ramirez Segura - Citigroup Inc. Exchange Research
Carlos Peixoto - Banco BPI, S.A., Research Division
Presentation
Lluc Sas
Deputy Head of Shareholder and Investor Relations
Good morning, everyone, and welcome to Sabadell's webcast to explain the response of our Board to the BBVA hostile tender offer. Thank you for joining us, especially given the short notice. It looks like every Friday, there's some breaking news about this transaction. As in previous occasions, presenting today are our CEO, Cesar Gonzalez-Bueno; and our CFO, Sergio Palavecino.
Cesar, over to you.
Cesar Gonzalez-Bueno Wittgenstein
CEO & Executive Director
Thank you so much, and apologies on the fact that there's no single Friday lately that gives you a rest, but this is what it is. So this is -- today, we are going to talk about the response to the BBVA hostile tender offer. And what the Board has done is it has unanimously rejected the BBVA hostile tender offer. And I think the words are important. BBVA hostile tender offer is fundamentally undervaluing Sabadell and destroys value for its shareholders. Let me read this slide because I think the content has been chosen quite carefully, and it's very much in line with what the Board has said.
To begin with, it very significantly undervalues the stand-alone potential, which is up to 25% higher versus the current market price. And when we look at the BBVA's