BBVA plans to proceed with Sabadell takeover bid despite government restrictions

From Yahoo Finance: 2025-06-30 12:46:00

Spain’s BBVA plans to proceed with its hostile takeover bid for Sabadell despite government restrictions on merging for three years. Santander has offered for Sabadell’s British unit, TSB, with Barclays also bidding. BBVA’s move requires Sabadell shareholder approval, seen as a defensive strategy. The Spanish government imposed conditions on the bid, including protecting workers and customers. Euro zone banking supervisors support consolidation to strengthen the sector, but political concerns have hindered deals. BBVA may end up with majority shares without a full merger, potentially impacting cost savings. The market supervisor must approve the bid’s prospectus, with Sabadell shareholders having a window to tender their shares. BBVA’s Chairman Carlos Torres invites Sabadell shareholders to join the project.



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