Spanish lender Sabadell in takeover talks with UK bank TSB
“Sabadell could support and accelerate TSB’s retail growth strategy,” says board
Spain’s Banco Sabadell has presented a “preliminary” proposal of 340 pence (€4.80) a share – a total of €2.4 billion – as part of talks to take over the UK’s sixth-biggest lender, TSB Banking Group, according to a statement released Thursday by the British bank.
The board of TSB has expressed its willingness to back the Spanish bank’s offer at that price “if we reach an agreement on the rest of the conditions.”
Lloyds, which controls 50% of TSB, released part of its share package in the bank on to the stock market in June at 260 pence per share, 31% below Sabadell’s offer.
Spain’s market watchdog suspended trading in Sabadell for an hour after the share price fell 11%
Spain’s market watchdog, the CNMV, suspended trading in Sabadell for an hour after the share price fell 11% on the news.
TSB, meanwhile, has shot up more than 25% on the London stock exchange, the bank’s biggest rise since its stock market debut.
The proposed offer would value TSB at £1.7 billion (€2.4 billion). That price is higher than the 80 pence a share seen at TSB’s stock market debut in June.
“The board of TSB believes that Sabadell could support and accelerate TSB’s retail growth strategy and accelerate the expansion of TSB’s presence in the SME sector,” the UK lender said in a statement.
Tu suscripción se está usando en otro dispositivo
¿Quieres añadir otro usuario a tu suscripción?
Si continúas leyendo en este dispositivo, no se podrá leer en el otro.
FlechaTu suscripción se está usando en otro dispositivo y solo puedes acceder a EL PAÍS desde un dispositivo a la vez.
Si quieres compartir tu cuenta, cambia tu suscripción a la modalidad Premium, así podrás añadir otro usuario. Cada uno accederá con su propia cuenta de email, lo que os permitirá personalizar vuestra experiencia en EL PAÍS.
¿Tienes una suscripción de empresa? Accede aquí para contratar más cuentas.
En el caso de no saber quién está usando tu cuenta, te recomendamos cambiar tu contraseña aquí.
Si decides continuar compartiendo tu cuenta, este mensaje se mostrará en tu dispositivo y en el de la otra persona que está usando tu cuenta de forma indefinida, afectando a tu experiencia de lectura. Puedes consultar aquí los términos y condiciones de la suscripción digital.
Últimas noticias
Daytime, headphones, no booze involved: How a generation is saying ‘no’ to club parties
Millennia-old Yuracaré language resists extinction through 900 speakers and a new dictionary
Susan Boyle prepares a comeback just as Timothée Chalamet sings her praises
Trump suspends green card visa lottery after shooting at Brown University
Most viewed
- Christian Louboutin: ‘Young people don’t want to be like their parents. And if their parents wear sneakers, they’re going to look for something else’
- Cartels in Mexico take a leap forward with narco-drones: ‘It is criminal groups that are leading the innovation race’
- Liset Menéndez de la Prida, neuroscientist: ‘It’s not normal to constantly seek pleasure; it’s important to be bored, to be calm’
- ‘El Limones’ and the growing union disguise of Mexican organized crime
- US sanctions against jailed cartel leader ‘El Marro’ highlight Mexico’s lack of control over its prisons
