Banco Sabadell has taken almost a week to respond to BBVA about its merger proposal and has decided to reject it on the grounds that it “undervalues” its project. BBVA, for its part, has indicated that it “regrets that the Board of Banco Sabadell has rejected such an attractive offer.”
BBVA’s proposal was based on an exchange of shares, which would value Sabadell at around 12,000 million euros. Specifically, he would give one newly issued share for every 4.83 shares of Banco Sabadell, as he acknowledged in a letter, which he sent to the board of directors of his rival and the National Securities Market Commission (CNMV).
The integration was already attempted four years ago, in the middle of the pandemic, and it did not go ahead, as it turned out, because they did not agree on the valuation of the shares.
The reasons for rejection
Now, four years later, Sabadell once again rejects the terms proposed by its competitor. He assures the CNMV that “he considers that the proposal significantly undervalues the Banco Sabadell project and its growth prospects as an independent entity.” Also, that his “advice [de administración] “It fully trusts in Banco Sabadell’s growth strategy and its financial objectives” and that “as an independent entity it will generate greater value for its shareholders.”
Its board, summarizes the supervisor, “has concluded” that the proposal “does not satisfy the interest of Banco Sabadell and its shareholders,” and, consequently, rejects it.
In passing, the entity chaired by Josep Oliu launches a dart at the stock market value of its rival. “The significant drop and volatility in BBVA’s share price in recent days creates additional uncertainty about the value of the proposal.” Four years ago, when they attempted the merger, Sabadell was listed at 2.5 billion euros. Now it exceeds 10,000 million. In the last year, its value on the trading floor has practically doubled. On the other hand, BBVA’s stock market value exceeds 60,000 million euros but, in the last year, its revaluation is close to 17%. And if you look at the data since the beginning of April, the stock has fallen about 9%.
Furthermore, Sabadell winks at its shareholders. “As part of its firm commitment to creating value” for investors “and supported by the entity’s business plan and solid capital generation, the board reiterates its commitment to distribute to shareholders, on a recurring basis, any excess capital above 13% of the CET1 ratio.” This is the highest quality ratio, because it relates the bank’s capital to its risk-weighted assets.
“It is estimated that the excess capital that will be generated”, Sabadell, “in 2024 and 2025, together with the recurring dividends of this period in accordance with satisfactory compliance with the current business plan, is expected to be 2.4 billion euros ”. However, he clarifies that “part of this may be subject to supervisor approval.”
BBVA’s proposal
BBVA has indicated that it “regrets that the Board of Banco Sabadell has rejected such an attractive offer.” Now it remains to be seen if the terms improve to be able to convince the Catalan entity. To start with, along with the proposed share exchange, the bank chaired by Carlos Torres urged its competitor to accept the merger in exchange for incorporating three members of Sabadell’s management body into its board of directors. And the resulting entity would have one of its operational headquarters in Catalonia, specifically, in the Banco Sabadell corporate center in Sant Cugat del Vallès.
BBVA defended in that letter that “the combined entity would be more solid and efficient and a benchmark in the market by volume of assets, loans and deposits.” Specifically, its assets would exceed one trillion euros and its deposit portfolio would exceed 340,000 million.
But, as a derivative, the merger would also mean that the new entity, together with Banco Santander and Caixabank, would concentrate in its hands almost two thirds of both the assets and the deposits in Spain, which would increase the concentration of the sector, accelerated in the last years.
They canceled their graduation ceremony to renovate the college mosque.. Social networking sites are buzzing in Egypt
#canceled #graduation #ceremony #renovate #college #mosque. #Social #networking #sites #buzzing #Egypt
The students worked on the development of the mosque themselves, as they carried out restoration work, renewal of electricity, painting, plumbing, and installation of floor carpets. All of this was done with their hands and forearms without the use of any labor.
Cairo – Mai Abdel Moneim
Published on: May 08, 2024: 10:58 AM GST Last updated: May 08, 2024: 11:30 AM GST
Over the past two days, social media sites in Egypt have been buzzing with pictures and news regarding a remarkable decision made by students of the Class of 2024 at the Faculty of Engineering at Aswan University.
In a good gesture, the students of the Faculty of Engineering at Aswan University, class of 2024, decided to transfer the money they collected to hold the graduation ceremony, to donate it to renovate the college mosque, raise its efficiency, and cancel the ceremony.
The final year students at the Aswan College of Engineering confirmed their belief in the value of community participation, which prompted them to give up the graduation ceremony that they had dreamed of for five years of study for the sake of a greater and loftier goal.
The students presented the idea to the college’s family boards, and the idea was escalated to the college’s student union and the college’s dean, Dr. Muhammad Mahmoud, which was approved and supported by everyone.
In order to save expenses and out of their desire for reward, the students worked on developing the mosque themselves. They carried out restoration work, renewal of electricity, painting, plumbing, and installation of floor carpets. All of this was done with their hands and forearms without the use of any labor.
The students of “Aswan Engineering” were keen to document this process, as they photographed the mosque before and after the development work. They also photographed the processes of pasting carpets, painting works, and other matters, until arriving at the beautiful final image of the mosque after the development.
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How many push-ups should you do per day, based on your age?
Push-ups are a widely practiced exercise that engages several muscle groups, especially the chest, shoulders, triceps, and core muscles. In addition, they are versatile and can be done by people of all ages. However, the recommended amount a person should perform varies depending on age, fitness level, and personal goals.
The Mayo Clinic suggests knowing our physical state to set goals and follow-up. To do this, you must take your pulse and know that the normal heart rate for an adult is between 60 and 100 beats.
If you are going to do moderate physical activity, you can aim to achieve between 50% and 70% more heart rate. And with intense activity you could reach 70% to 85% more, but it is always advisable to start slowly and intensify later.
You should also measure your waist circumference, which should not exceed your hip circumference (that would indicate that you should have a medical check-up before starting to train).
Finally, calculate your body mass index (BMI) in the tables that you will find on the Internet, for example on the Texas Heart portal. This data will tell you how healthy your weight is.
How many push-ups are recommended depending on age?
Children and adolescents (6-17 years)
Children and teenagers can perform push-ups as part of an overall exercise program to promote strength and endurance. However, it is important that parents and guardians properly supervise and ensure that they are practiced with the correct technique and safely. The following guidelines are approximate:
Ages 10-13: 10-15 push-ups
Ages 14-17: 15-20 push-ups
Young Adults (18-39 years)
Young adults can perform a wider range of push-ups Hello
Young adults can perform a wider range of push-ups, depending on their fitness level. Here are the general recommendations:
Beginners: 10-20 push-ups
Intermediate: 20-30 push-ups
Middle-aged adults (40-65 years)
As people age, maintaining muscle strength and health is essential. Push-ups can be beneficial, but the recommended amount may decrease slightly:
Intermediate: 15-25 push-ups
Older Adults (over 65 years)
For older adults, the number of recommended push-ups may be even lower due to potential physical limitations and risk of injury. In general, they are advised to maintain the ability to do at least 5 to 10 push-ups in a set.
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