Banco Sabadell’s Defense Against BBVA’s Takeover Bid

On October 17, 2025, Banco Sabadell announced that the public takeover bid launched by BBVA in May 2024 received support from only 25.47% of shareholders, and therefore lapsed as it failed to reach the minimum acceptance threshold required for completion. Banco Sabadell will continue as an independent bank. Cravath is representing Banco Sabadell as U.S. counsel in connection with this matter.

The Cravath team is led by partners Ting S. Chen and Daniel J. Cerqueira and includes associates Mary Jean Perzik and Y. Grace Lin on corporate and activist defense matters; partners John W. White and Kimberley S. Drexler and of counsel Lisa M. Kohl on corporate governance matters; partner Jeffrey T. Dinwoodie and associate Liam Ives Morris on financial institutions matters; and partner Ron Creamer on tax matters.