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Sabadell accused BBVA of breaching Spanish laws governing tender offers with its hostile takeover bid. On Thursday, BBVA took an €11.5 billion ($12.4 billion) bid for Sabadell directly to shareholders.
Sabadell CEO César González-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.
BBVA made an €11.5 billion ($12.4 billion) hostile bid for Sabadell, days after an initial approach was rejected by the smaller rival's board. The Spanish government opposes the deal.
Spain's government opposes BBVA's hostile takeover bid for its smaller rival Sabadell , its Economy Minister Carlos Cuerpo said on Thursday.
The Spanish lender's all-share offer values its smaller rival at around $12 billion and comes after an initial approach on the same terms was rejected.
Spain's BBVA on Thursday presented a takeover offer to buy its smaller rival Sabadell under the same terms announced last week.
Shares in Spanish bank BBVA rose as much as 1.9% on Tuesday morning after Sabadell rejected what it described as an unsolicited takeover proposal from BBVA.
The board of Spain's Banco Sabadell on Monday rejected a merger proposal by larger rival BBVA for a 12 billion euro ($12.93 billion) all-share merger, Sabadell said in a statement to the Spanish stock market supervisor.
Spanish bank Sabadell's board will meet on Monday to discuss an all-share offer from bigger rival BBVA that was worth around 12 billion euros ($12.9 billion) when it was announced last week, newspapers including La Vanguardia said.