The CNMV ruled that BBVA will have a 30-day window, starting 8 September, to secure sufficient acceptances from Sabadell investors. 'The offer is conditional on the acceptance of a minimum number of shares representing more than half of the voting rights of Banco Sabadell, excluding treasury shares,' it said in a statement. BBVA describes its proposal as 'very attractive', reflecting Sabadell's 'best valuation in more than a decade, while incorporating a premium clearly higher than that of recent similar transactions in Europe'. 'Following the merger, Banco Sabadell shareholders are set to obtain earnings per share 25% higher than they would with a standalone Banco Sabadell,' BBVA chair Carlos Torres Vila added after the CNMV announced its decision. Sabadell's chairman Josep Oliu countered that, since the bid was launched in May 2024, his bank has outperformed BBVA in value growth and shareholder returns.