Sabadell Suspends Share Buyback Program After BBVA Approach
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Banco Sabadell SA said it has suspended its share buyback program after Banco Bilbao Vizcaya Argentaria SA took its offer directly to shareholders.
Spain’s markets regulator CNMV made the request on Monday, Sabadell said in a statement, noting buybacks had been suspended from May 9, the day BBVA made a tender offer that valued its smaller rival at $12.4 billion. Spanish takeover rules can limit activities like buybacks in firms that are under offer.