00:00We will have plenty of time to analyze, and we can speculate at this stage about what might have happened.
00:05Clearly, the result is not what we expected.
00:08It's not the result we wanted, but it's the result that the majority of the shareholders of Sabadell have decided.
00:13So we accept it fully, and we move on and continue to look forward to a bright future.
00:20Maybe one thing that might have influenced behavior of the retail shareholder might have been the expectation of a second offer in cash, which was, as I told you last time I was with you, uncertain.
00:34And I think what has happened demonstrates that it was indeed uncertain.
00:39Also, maybe the passive funds might have not tendered as we had expected.
00:44But as I was saying, this is all at this stage, just hypotheses, and it doesn't really matter much.
00:51What matters is the result, the decision by the shareholders of Sabadell.
00:54They are the ultimate decision makers.
00:56We accept it fully.
00:57We move on, and we continue to look ahead.
01:01Carlos, in the last time we spoke, to your point, you also were quite clear that if you couldn't win over the retail shareholder base,
01:08at least a shrewd institutional investor base would perhaps see the value of this takeover bid.
01:13Now, Sabadell's story is interesting.
01:16The retail shareholder base has a long history with Sabadell.
01:18But what about the institutional shareholders, some of which you did convert, like the likes of David Martinez, among others?
01:24But is there an indication here of what they were reacting to?
01:29Well, as I was saying, it's all at this stage hypotheses that we can make about what might have happened.
01:35It doesn't really change the results.
01:37So I don't think we should ponder much about the reasons why they did or did not tender.
01:43I do believe the institutionals did tender in a large majority, the long-onlys in particular, also the hedge funds and the arbitrageurs.
01:52But they weren't of the size that they had been in other deals for the reasons that this took a long time.
01:58And maybe the behavior of retail and also the narratives in the press and in the media around what might have happened with the second offer
02:06might have influenced also the passives in terms of their expectation of what might happen and that might have led to a lower tendering.
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