FACTBOX-Spain's BBVA offers 12 bln euros to win over Sabadell

Following are facts about the banks and the proposed deal: - BBVA reported a net profit in 2023 of 8.02 billion euros, employs 121,000 people, of which 27,735 work in Spain.

BBVA has proposed taking over Sabadell, valuing the smaller Spanish bank at more than 12 billion euros ($12.8 billion) nearly four years after previous talks collapsed. Sabadell said its board would review BBVA's offer to exchange one newly issued share for every 4.83 shares in Sabadell, a premium of 30% over closing prices on April 29.

Any deal between Spain's second and fourth-largest banks would shake up the competitive landscape, just as lenders enjoy soaring profitability and a rally in their share prices. Following are facts about the banks and the proposed deal:

- BBVA reported a net profit in 2023 of 8.02 billion euros, employs 121,000 people, of which 27,735 work in Spain. It has a market value of 59.4 billion euros. - Sabadell's 2023 net profit was 1.33 billion euros. It has 19,000 staff and a market value near to 10 billion euros.

- BBVA's main markets are Mexico, Spain and Turkey. Sabadell is focused on Spain, where it has a big share of the SME market. Sabadell also owns Britain's TSB, which it bought in 2015. - Combining BBVA and Sabadell would create a bank with more than 100 million customers globally and total assets exceeding 1 trillion euros, second only to Santander among Spanish banks.

- Spain has seen a wave of consolidation as banks seek to cut costs and boost scale. It now has 10, down from 55 before the start of the 2008 global financial crisis. - BBVA calculates that the merger would have restructuring costs of around 1.45 billion euros before tax. It estimates cost savings at approximately 850 million euros before tax.

- Three members of Banco Sabadell's board of directors, chosen by mutual agreement, would join BBVA's board as non-executive directors at the time the deal is completed. - The combined entity would have one of its operational headquarters at Sabadell's corporate centre in Catalonia's Sant Cugat, and the other in Madrid. BBVA dates back to 1857 and Sabadell is 142 years old.

- Sabadell's corporate name will be retained in some areas. - Since the end of November 2020, Sabadell shares have risen around five-fold, BBVA shares by about 160%.

- BBVA's biggest shareholders include BlackRock, Capital Group, Norges Bank and Vanguard Group. - Sabadell's top investors include Dimensional Fund Advisors, BlackRock and DWS International.

($1 = 0.9362 euros)

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