Finance
Sabadell’s Board Rejects BBVA’s Latest Takeover Approach
- BBVA told Sabadell on Sunday it couldn’t improve offer
- Deal would have created a lender to rival Banco Santander
Banco de Sabadell headquarters in Barcelona, Spain.
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Banco Sabadell SA rejected an approach by Banco Bilbao Vizcaya Argentaria SA to initiate takeover talks, marking the latter’s second failed attempt to buy its smaller rival.
“Based on the detailed assessment of the proposal, the board has concluded that it is not in the best interest of Banco Sabadell and its shareholders and has therefore rejected BBVA’s proposal,” Sabadell said Monday in a regulatory filing. “The proposal significantly undervalues the potential of Banco Sabadell and its standalone growth prospects.”