Banco de Sabadell, S.A. (BNDSF)
- Bloomberg
BBVA’s Hostile Bid Breaks Law, Sabadell Says as Tempers Rise
(Bloomberg) -- Banco Bilbao Vizcaya Argentaria SA’s hostile takeover for Banco de Sabadell SA breaks the law, the smaller rival said, ratcheting up the heat in an increasingly bitter corporate battle. Most Read from BloombergBiden Set to Hit China EVs, Strategic Sectors With TariffsElon Musk Pledges to Grow Supercharger Business He Just DecimatedAckman Scolded Over DEI Views at Closed-Door Milken SessionApple Apologizes for iPad Pro Ad, Scraps Plan to Air It on TVNovavax Soars on $1.2 Billion Sa
- Reuters
BBVA's Torres stuns Spain and banking bosses with hostile bid
MADRID/LONDON (Reuters) -Sabadell CEO Cesar Gonzalez-Bueno was in London on Thursday meeting with analysts to champion his bank's success when news landed that rival BBVA was going hostile with its 12.23 billion-euro ($13.2 billion) takeover offer. The surprise move - the first hostile banking takeover bid in Spain since the 1980s - pits the same long-standing executives against each other who tried and failed to negotiate a deal between Spain's second- and fourth-largest banks in 2020. After making a new approach late last month, BBVA Chair Carlos Torres, who led the 2020 takeover attempt, gave his Sabadell counterpart, Josep Oliu, a clear message in a May 5 letter: there would be no improving its all-share offer.
- Bloomberg
BBVA Makes $12 Billion Hostile Bid for Sabadell After Snub
(Bloomberg) -- Banco Bilbao Vizcaya Argentaria SA took an €11.5 billion ($12.4 billion) bid for Banco de Sabadell SA directly to shareholders, a rare hostile move that the Spanish government said it opposed on concerns over job cuts and reduced competition. Most Read from BloombergMicrosoft’s Xbox Is Planning More Cuts After Studio ClosingsAmericans Are Racking Up ‘Phantom Debt’ That Wall Street Can’t Track‘Seriously Underwater’ Home Mortgages Tick Up Across the USMarjorie Taylor Greene Finally
