BBVA Told Sabadell There’s ‘No Room’ for Improved Offer

Banco Bilbao Vizcaya Argentaria SA’s chair told his counterpart at Banco Sabadell SA that it has “no room” to improve its proposed takeover offer, citing in part the fall in its share price after news of its approach broke.

The rise in Sabadell shares since BBVA first assessed a bid in mid-April along with a €6 billion fall in BBVA’s market value when the deal became public “absolutely prevents us from being able to pay more,” BBVA’s Carlos Torres said in a message to Sabadell’s Josep Oliu on Sunday. The message was published in full by Sabadell on Wednesday.