BBVA Chairman Says He Has No Intention of Sweetening Sabadell Offer

If for some reason were that merger not to happen, which is would be unprecedented, we still believe the transaction has merits and most of the synergies we would be able to capture most of the synergies. So that is all on the assumption that when you have your ducks on a row two, this gets approved or three that you even are able to left be left with a stake if not a merger, what if you're wrong? Well, if we're wrong and for example the saboteur shareholders decide not to tender, which I think is the key critical decision maker in the apart from the other decision makers I just covered. BBVA would continue with the momentum, the positive momentum that the bank has. We had a 17.7% return on tangible equity in the first quarter. We have a 20% increase in tangible book value per share in the last 12 months, and this has continued for a few years now. And on both metrics, we're top of the league in European banking among our peers also in the other dimension that matters, which is growth, if we look at the growth of our loan book. We're talking about 9 1/2 percent growth in constant euro terms, 7% in current euro terms. So on growth on returns, we're top of the league and BBVA would continue in that improbable scenario, the good momentum, the good course in which we're on. So one of the criticisms of this deal is the value of it and that this isn't a juicy enough offer. Would you consider raising your value? We have presented a knockout offer to the Salvador shareholders. It's a premium of 50%. Over the three months prior to the presentation of the transaction on top of that Juicy premium were very rich. The offer is an offering in shares, which means that the Saboteur shareholders will participate with a 16% ownership on the combined entity and that means participating on the value of the synergies, the €850 million per year cost savings which represent multi billion dollar value, 60% of that multi billion dollar value will accrue to the Saber Del shareholders. And maybe the summary of it all is the earnings per share accretion that you can calculate this 27% increase in earnings per share. For the Sabadell shareholders, it's a very, very attractive offer that we're sure will convince the shareholders to tender their shares. So no appetite then to sweeten the deal. This is your final offer. As I said, we have no intention and we have no need to improve the offer. It's very rich comparing with presidents. The market is also telling us that the offer is worth more than someone else and alone and that's why we are. Not changing it.