BBVA Sticks With Its Sabadell Takeover Bid Despite TSB Sale

BBVA SA has decided to maintain its takeover offer for Banco Sabadell SA despite investor backing for the smaller bank’s decision to sell its UK unit TSB.

“After reviewing the resolutions adopted” by Sabadell’s shareholders regarding the TSB sale, “BBVA has decided not to withdraw the offer,” it said in a statement on Monday. The bid “remains in effect.”