News Formal

Spanish bank Sabadell rejects $12.9 billion BBVA merger proposal

  • 📰 CNBC
  • ⏱ Reading Time:
  • 26 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 72%

Banks News

Business News

Sabadell's board rejected a merger proposal by larger rival BBVA for a 12 billion euro ($12.93 billion) all-share merger, the Spanish lender said on Monday.

Last week, BBVA had offered an exchange ratio of one newly issued BBVA share for every 4.83 Sabadell shares, a premium of 30% over April 29 closing prices.

Last week, BBVA had offered an exchange ratio of one newly issued BBVA share for every 4.83 Sabadell shares, a premium of 30% over April 29 closing prices. In a statement to the stock market supervisor on Monday, Sabadell said the recent material decline and volatility in the BBVA share price increased the uncertainty around the value of the proposal.

Analysts said the gap between the offer and the current share price of Sabadell indicated there was risk that the deal would not go through.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Spain's BBVA takes aim again at $10 billion SabadellBBVA said on Tuesday it had approached Sabadell about a possible merger, a deal which would create a Spanish bank with assets of nearly 1 trillion euros ($1.07 trillion).
Source: CNBC - 🏆 12. / 72 Read more »