Martínez Sells Stake
David Martínez, Former Sabadell Advisor, Sells 1.5% Stake Post-BBVA Bid Support.
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David Martínez, the Mexican businessman who backed BBVA's takeover bid for Banco Sabadell, has sold 1.5% of his position in the Spanish bank, according to Levante EMV. The sale comes after Martínez made headlines for supporting the merger, arguing it would create "a more competitive entity."
Martínez had served as a board member at Sabadell before stepping down. He was one of the few insiders to publicly side with BBVA — led by chairman Carlos Torres — during the hotly contested takeover process.
Martínez Backed BBVA While Still on Sabadell's Board
During the takeover battle, Martínez broke ranks with Sabadell's leadership. He argued that a merger between BBVA and Sabadell would produce "a more competitive entity" in Spain's banking sector. His stance put him at odds with Sabadell's board, which rejected BBVA's offer, according to Diario Córdoba.
BBVA launched its hostile takeover bid for Sabadell in 2024. It was one of the biggest corporate battles in Spanish banking history. Sabadell's board urged shareholders to reject the offer. Martínez's public support for BBVA made him a notable dissident voice inside the bank.
A 1.5% Sale Signals a Shift in His Position
Martínez has now sold 1.5% of his stake in Sabadell. The move is significant. It suggests he is reducing his exposure to the bank even as the takeover process remains unresolved. No official reason was given for the timing of the sale, according to La Opinión de Málaga.
The exact value of the stake sold was not disclosed in reports. However, Sabadell is a major bank with a market capitalization running into billions of euros. A 1.5% position represents a meaningful financial move.
BBVA's Takeover Bid Faces a Long Road Ahead
BBVA's bid for Sabadell is still working through regulatory hurdles in Spain. The Spanish government has the power to block or condition the deal on competition and public interest grounds. Spanish authorities have already asked for a detailed review of the merger's impact, according to Información.
Sabadell's management has continued to fight the bid. The bank has pointed to its improving financial results as proof it is better off staying independent. BBVA, meanwhile, insists the merger would create a stronger bank able to compete across Europe.
What Martínez's Move Means for the Deal's Outcome
Martínez's decision to trim his stake could be read in different ways. Some analysts may see it as a sign of doubt about whether the BBVA deal will succeed. Others may view it simply as routine profit-taking after a period of share price movement linked to the takeover speculation, according to La Opinión de Zamora.
The outcome of BBVA's bid will shape Spanish banking for years. If the merger goes ahead, it would create one of the largest banks in the eurozone. For now, Martínez's partial exit adds a new wrinkle to an already complex corporate drama.
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