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对萨瓦德尔银行发动敌意收购后 毕尔巴鄂银行(BBVA.US)放慢招聘速度

After launching a hostile takeover of Banco Sabadell, BBVA.US has slowed down its recruitment speed.

Zhitong Finance ·  Jun 12 18:43

According to the Smart Finance APP, Banco Bilbao Vizcaya Argentaria (BBVA.US) has slowed down its recruitment pace in the Spanish domestic market amid seeking a hostile takeover of Banc Sabadell SA. Insiders said that the bank hoped to avoid increasing manpower before the transaction, as once the transaction was completed, it could lead to a large number of layoffs. Some managers were told that there are basically no recruitment plans at present.

A spokesman for BBVA said, 'Each project is ongoing.'

Last month, BBVA Chairman Carlos Torres took the rare move of launching a hostile takeover directly to Sabadell shareholders with a 11.5 billion euro ($12.4 billion) tender offer after Sabadell's management rejected the proposal. The Spanish government opposed the deal, fearing layoffs and reduced competition, while Sabadell said the bid undervalued its worth.

As of the end of March, the two banks have about 140,000 employees worldwide. BBVA added about 300 new employees in Spain in the first quarter, and the bank said it will save 850 million euros annually after the merger.

To pay for the cost of the all-stock transaction, BBVA held a special shareholders meeting and approved the issuance of new shares worth up to 552 million euros.

Since the acquisition news on April 30th, BBVA's stock price has fallen by about 13%, while Sabadell's stock price has risen by nearly 7%.

Torres previously told Sabadell Chairman Josep Oliu that BBVA has 'no room' to increase its bid, partly because its stock price has fallen since news of the acquisition came out.

The translation is provided by third-party software.


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