Tag: $Banco Sabadell

Spain’s BBVA (BBVA.MC), said on Friday that its 14.9 billion euro ($17.44 billion) mostly share-based hostile bid for smaller rival Sabadell (SABE.MC), is scheduled to begin on Monday, following approval from Spain’s market regulator.

The Spanish lender aims to offer shareholders €3.3 billion, including more than €1bn in buybacks this year.

Spanish bank BBVA caught markets by surprise on Thursday after it announced a rare hostile takeover bid for domestic rival Banco Sabadell, with one investment firm describing the situation as “very strange.”