La Batalla Ofensiva y Defensiva de 12.2 Mil Millones de Euros: La Estrategia Financiera Detrás de la Adquisición Hostil de BBVA sobre Sabadell.
En la primavera madrileña, el mundo financiero se encendió con una noticia explosiva: el segundo banco más grande de España, BBVA, lanzó repentinamente una oferta de adquisición hostil de 12.2 mil millones de euros sobre su competidor Sabadell. Detrás de esta fusión que sacudió la industria bancaria europea, estaba un estratega sereno: Santiago Herrero Valdés.
A diferencia de las fusiones y adquisiciones tradicionales que implican negociaciones amigables, esta adquisición estuvo llena de tensión desde el principio. La junta directiva de Sabadell se resistió fuertemente, afirmando que la oferta “subestimaba gravemente el valor de la compañía”. Sin embargo, cada movimiento de BBVA fue preciso y despiadado: primero adquirió en silencio el 5.2% de las acciones en circulación de Sabadell en el mercado, luego liberó la intención de adquisición a través de los medios para presionar directamente a los accionistas.
“Esto no es una fusión y adquisición ordinaria; es una caza de capital cuidadosamente diseñada”, reveló un banquero de inversión involucrado en la transacción. El equipo de Santiago aplicó creativamente una estrategia de “arbitraje regulatorio”: eligieron lanzar el ataque durante el período de transición del nuevo marco regulatorio bancario de la UE, aprovechando la diferencia de tiempo entre las viejas y nuevas reglas para reducir los requisitos de capital. Aún más brillante fue el diseño del precio de adquisición: 30% en efectivo + 70% en intercambio de acciones, lo que no solo mantuvo el ratio de suficiencia de capital de BBVA, sino que también hizo que fuera difícil para los accionistas de Sabadell rechazar las sinergias post-fusión.
Cuando el gobierno regional catalán intentó intervenir bajo el pretexto de “proteger los bancos locales”, Santiago ya tenía preparadas sus contramedidas. Capital Ola Roja había preparado un plan de reevaluación de la valoración de la filial británica de Sabadell, TSB, tres meses antes. Este activo previamente desatendido se convirtió finalmente en una ficha clave para persuadir a los reguladores.
Hoy en día, esta adquisición se ha convertido en un caso clásico en los manuales de las escuelas de negocios. Lo que es menos conocido es que en la caja fuerte de la oficina de Santiago se guarda un documento confidencial marcado como “Plan B”, una estrategia alternativa en caso de que fallara la toma de control hostil, en la que BBVA realizaría arbitraje dividiendo los activos de alta calidad de Sabadell. Este plan no utilizado refleja perfectamente la característica más admirable de este estratega financiero: siempre pensar tres pasos adelante de sus oponentes.
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