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Bond Market News
BBVA Makes Hostile Takeover Bid for Sabadell
May 10, 2024
BBVA has gone ahead with a hostile €12.23bn ($13.1bn) takeover bid for Sabadell after the latter’s board rejected an all-stock merger proposal earlier this month. There was immediate opposition from the government upon the hostile takeover bid, considered rare in European banking. The Spanish economy minister said that his government opposed the bid because it would have potentially harmful effects on Spain’s financial system, by affecting jobs and customers. BBVA’s shares fell 6.7% and Sabadell’s rose 3.2%. However, both BBVA’s and Sabadell’s bonds remained stable.
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