Spanish bank BBVA has launched a hostile $13.1 billion all-share takeover bid for its smaller rival Sabadell, directly appealing to Sabadell's shareholders after the board rejected the same terms earlier. This move by BBVA comes despite the Spanish government's opposition to the deal, with a top official stating that the government has the final say in approving any such transaction. The government's stance adds a layer of complexity to the already contentious bid, which has also been criticized for its timing and potential lack of substantial reward.
ECB'S DE GUINDOS: I DO NOT KNOW WHAT SABADELL SHAREHOLDERS WILL DO REGARDING BBVA'S HOSTILE TAKEOVER BID, I HAVE TO BE CAUTIOUS AS OPERATION REQUIRES ECB APPROVAL
What is #BBVA doing? Politics makes the timing bad, its own shareholders seem to hate the deal, #Sabadell doesn't want to engage... There's a lot of risk and uncertainty in this hostile bid - and not much reward! https://t.co/Myhhc2t3XX via @opinion
Spanish government opposes BBVA’s US$13-billion hostile bid for smaller rival Sabadell https://t.co/w89QjaKAB4
BBVA's hostile bid for Sabadell represents a big risk for an underwhelming reward, writes @PaulJDavies (via @opinion) https://t.co/EgQizlL6r1
BBVA's hostile bid for Sabadell represents a big risk for an underwhelming reward, writes @PaulJDavies https://t.co/hRkRZLBwGc
Spanish government rebuffs BBVA's bid for Sabadell, ignites eurozone banking speculation https://t.co/JcOyyL5vjX https://t.co/wzebJBxtCk
Spanish government opposes BBVA's $13 billion Sabadell bid https://t.co/5Cgbz9QUjH https://t.co/kduL3SXbEP
Spain’s government is opposed to an offer made by BBVA to buy smaller rival Sabadell and has the last word to approve any deal, a top official says https://t.co/c4Du02hktd
Spanish bank BBVA goes hostile in Sabadell takeover bid https://t.co/w5gUcdIWn8
Spanish bank BBVA presented a $13.1 billion takeover bid for rival Sabadell directly to shareholders, even though Sabadell's board this week already rejected the proposal on the same terms https://t.co/uPtjmHLFoz
Spanish bank BBVA presented a $13.1 billion takeover bid for rival Sabadell directly to shareholders, even though Sabadell's board this week already rejected the proposal on the same terms. More here: https://t.co/pLI08X4CN1
BBVA Launches Hostile All-Share Tender Offer for Sabadell
BBVA takes Sabadell bid approach directly to shareholders https://t.co/mCR9qYwtvw
Spain's BBVA announces takeover offer for Sabadell on same terms https://t.co/hn95Pp17AF https://t.co/rWuShcuyGZ
BBVA launches a hostile bid for Sabadell just days after an earlier approach was rejected by the board of its smaller rival https://t.co/s54DGYawfJ
BBVA's chairman tells his counterpart at Sabadell that it has "no room" to improve its proposed takeover offer https://t.co/imjEJdQevD
BBVA's Spanish expansion plans hit after Sabadell rejects takeover offer https://t.co/7gSZmo65Mu https://t.co/WHSxSpLXRs
Spain's Sabadell rejects BBVA takeover bid that would create a $75 billion bank. https://t.co/nPC7TMbTZT
Banco Sabadell rejects €12bn takeover bid by BBVA https://t.co/1uyhwtPV4a
⚠️ SABADELL'S BOARD MEETS TO ANALYSE BBVA BID PROPOSAL, NEWSPAPERS SAY Full Story → https://t.co/LKfau2hK2M https://t.co/13UhlwTvkn