Madrid – A key dissenting voice has left teh board of Banco Sabadell following a contentious and ultimately unsuccessful takeover attempt by rival BBVA. David Martínez Guzmán, Sabadell’s largest individual shareholder with a 3.5% stake, resigned after publicly advocating for the deal, despite the bank’s management’s resistance. His departure signals continued fallout from the bid, which had stirred debate over the future of the Spanish banking sector and prompted scrutiny from regulators and the Spanish government regarding potential market concentration.
David Martínez Guzmán, a dissenting board member at Banco Sabadell, has resigned following public disagreements with the bank’s leadership over a recent takeover bid. The move comes after BBVA’s hostile takeover attempt ultimately failed. Martínez Guzmán, who holds a 3% stake in Sabadell and is the bank’s largest individual shareholder, had favored a merger, believing it would create a larger, more internationally focused institution. This position contrasted with the bank’s preference to remain independent.
The clash between Martínez Guzmán and Sabadell’s management, led by CEO César González-Bueno, escalated as the takeover offer progressed. The investor cast the sole dissenting vote against the board’s recommendation to reject BBVA’s offer, arguing that the bank was prioritizing price over the long-term opportunities presented by a potential deal. He also voiced concerns about political interference in the transaction.
Martínez Guzmán previously sent letters to González-Bueno, rejecting accusations that he had been in contact with BBVA or was considering changing his position. “As a shareholder, I have no interest other than maximizing the return on investment, and I recommend that other shareholders seek independent professional advice instead of being guided by information that is unfounded, incorrect or uncertain,” he stated at the time.
Despite his significant individual stake, Martínez Guzmán’s position did not prevail. BBVA ultimately secured acceptance from 25% of Sabadell’s shareholders, falling far short of the 50% minimum required for a successful takeover and below the 30% threshold that would have allowed it to launch a second bid. The outcome marked a significant setback for BBVA’s expansion plans.
Approximately a month and a half after the failed bid, Martínez Guzmán has decided to step down from the board. His term was due to expire this year, and a vote on his renewal would have been held at the bank’s next shareholder meeting. According to filings with the Spanish National Securities Market Commission (CNMV), he still holds a 3.5% stake in the bank.
“Leaving the board is an independent decision and does not reflect the future prospects of the bank, which should continue creating value with a very attractive distribution profile for shareholders,” a spokesperson for the Mexican investor said.
