MADRID, May 9 — Spain’s second-largest bank BBVA announced Thursday a hostile takeover bid for its smaller rival Sabadell, three days after an earlier approach which would...
Picture shows 'Banc Sabadell ' Catalan bank's logo on a building in Barcelona on October 5, 2017. Banco Sabadell on May 6, 2024 turned down the offer of a possible merger with BBVA , Spain's second-largest bank, more than three years after it turned down a similar offer.
This offer values Sabadell, Spain’s fourth-largest banking group in terms of capitalisation, at nearly €11.5 billion . The two banks had initially announced a plan to merge in November 2020 with the aim of better weathering the economic crisis triggered by the Covid-19 pandemic.
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