Finance
BBVA Makes $12 Billion Hostile Bid for Sabadell After Snub
- Spain’s economy minister says government is opposed to deal
- Target’s board had spurned identical approach on May 6
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Banco Bilbao Vizcaya Argentaria SA took an €11.5 billion ($12.4 billion) bid for Banco de Sabadell SA directly to shareholders, a rare hostile move that the Spanish government said it opposed on concerns over job cuts and reduced competition.
Spain’s second-largest bank is making an all-share offer with similar terms to the previously rejected offer it outlined in a letter to Sabadell’s board on April 30, according to a BBVA filing on Thursday.