The Ibex 35 falls 1.1% at midday and clings to 11,000, attentive to BBVA's hostile takeover bid for Sabadell

MADRID, 9 May. (EUROPA PRESS) -

The Ibex 35 stabilized the losses at noon this Thursday at 1.1%, reaching 11,030.2 points, on a day in which the markets have their focus on Spanish banking, after BBVA launched a public takeover offer (hostile takeover takeover of 100% of Banco Sabadell).

Precisely, the aforementioned entities were placed at opposite extremes within the reference indicator of the Spanish market: BBVA led the declines with a drop of almost 6% and Banco Sabadell did the same in profits by advancing 3.5%.

This operation occurs after Sabadell's rejection last Monday of a friendly proposal by BBVA, which was originally launched on April 30.

BBVA offers Sabadell shareholders an exchange of one new title for every 4.83 of Sabadell, the same offer that it had proposed last week to the board of directors of the Catalan entity, so the 30% premium over the closing price of both entities on April 29; 42% on the weighted average prices of the last month; and 50% on the weighted average prices of the last three months.

In reaction to this news, the central government has expressed its rejection and has warned of "harmful effects", a position in which the Generalitat of Catalonia has also expressed itself.

For his part, the president of BBVA, Carlos Torres, has responded that he believes that the Government will end up appreciating the value of the hostile Takeover Offer (OPA) on Sabadell, once all the terms of the operation are "clear". , while its term would range between 6 and 8 months.

Beyond the two financial entities, in the middle section of the negotiation, Fluidra (2.6%) and Mlélia Hotels (1.5%) stood out in the advances (only ten values ​​rose at midday), while in the losses they stood out Inditex (-2.22%) and Indra (-1.45%).

In the business field, marked by the publication of business results, Telefónica reported before the market opened that it registered a net profit of 532 million euros in the first quarter of the year, which represents an increase of almost 79% in compared to 298 million euros in the same period of the previous year. The 'teleco' was trading flat at midday.

Under the macroeconomic umbrella, the Public Treasury has placed 6,245 million euros this Thursday in a new auction of bonds and obligations, in the expected mid-range, and has done so by raising the five- and 15-year profitability, according to data published by the Bank of Spain.

On the other hand, the result of the monetary policy meeting of the Bank of England (BoE) will be known throughout the day; In this regard, Banca March experts have pointed out that no movements in rates are expected, although there is less consensus regarding the guide for future meetings and it is unknown if the monetary authority will choose to give a clear guide on the path of reduction or will maintain the current discourse of going 'meeting to meeting'.

The main European stock markets were trading with mixed signs and little strength at midday: London added 0.04% and Frankfurt 0.32%, while Paris fell 0.01% and Milan 0.1%.

At the same time, the price of a barrel of Brent quality oil, a reference for the Old Continent, rose 0.75%, to 84.2 dollars, while that of Texas stood at 79.66 dollars, a 0.86% more.

In the foreign exchange market, the price of the euro against the dollar became cheaper by one tenth, to 1.0736 'greenbacks', while in the debt market the interest required on the 10-year Spanish bond stood at 3.282 % after adding four basis points, with the risk premium (the differential with the German bond) at 78.7 points.