Spanish bank BBVA presented a 12.23 billion euro ($13.11 billion) takeover offer for rival Sabadell directly to shareholders on Thursday, turning to a hostile bid after Sabadell's board rejected the same proposal this week.
Sabadell's board rejected previous offer on same termsBBVA sees costs savings of 850 million eurosdirectly to shareholders on Thursday, turning to a hostile bid after Sabadell's board rejected the same proposal this week.
"In our view, a hostile bid could be a lose-lose for both banks. Sabadell would defend itself, but the damage to the franchise remains to be seen as this could be a lengthy process," they said., opens new tab It is the second attempt at a tie-up between BBVA and Sabadell. They called off merger talks in November 2020 after failing to agree on terms, including the price tag.
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