Banco de Sabadell, S.A. – Particular Name
Firm Individuals
Lluc Sas – Deputy Head of Shareholder and Investor Relations
Cesar Gonzalez-Bueno Wittgenstein – CEO & Govt Director
Sergio Palavecino – Chief Monetary Officer
Convention Name Individuals
Maksym Mishyn – JB Capital Markets, Sociedad de Valores, S.A., Analysis Division
Francisco Riquel – Alantra Equities Sociedad de Valores, S.A., Analysis Division
Ignacio Ulargui – BNP Paribas Exane, Analysis Division
Fernando Gil de Santivañes d´Ornellas – Intesa Sanpaolo Fairness Analysis
Borja Ramirez Segura – Citigroup Inc. Trade Analysis
Carlos Peixoto – Banco BPI, S.A., Analysis Division
Presentation
Lluc Sas
Deputy Head of Shareholder and Investor Relations
Good morning, everybody, and welcome to Sabadell’s webcast to clarify the response of our Board to the BBVA hostile tender supply. Thanks for becoming a member of us, particularly given the quick discover. It appears like each Friday, there’s some breaking information about this transaction. As in earlier events, presenting right this moment are our CEO, Cesar Gonzalez-Bueno; and our CFO, Sergio Palavecino.
Cesar, over to you.
Cesar Gonzalez-Bueno Wittgenstein
CEO & Govt Director
Thanks a lot, and apologies on the truth that there is not any single Friday these days that offers you a relaxation, however that is what it’s. So that is — right this moment, we’re going to discuss concerning the response to the BBVA hostile tender supply. And what the Board has carried out is it has unanimously rejected the BBVA hostile tender supply. And I feel the phrases are vital. BBVA hostile tender supply is essentially undervaluing Sabadell and destroys worth for its shareholders. Let me learn this slide as a result of I feel the content material has been chosen fairly rigorously, and it’s totally a lot in keeping with what the Board has stated.
To start with, it very considerably undervalues the stand-alone potential, which is as much as 25% increased versus the present market worth. And once we take a look at the BBVA’s
