BBVA’s Relentless Pursuit of Sabadell Ends in Stunning Defeat

Even after a year-and-a-half, the final act of BBVA SA’s bid for Banco Sabadell SA still had plenty of surprises.

Sabadell’s management were on the way to a dinner Thursday evening, expecting the result of the tender offer to be published the next day, when they received a call saying the announcement was imminent. They turned around to wait for the news.