Spanish bank BBVA on Thursday presented a 12.23 billion euro ($13.11 billion) takeover bid for rival Sabadell directly to shareholders.
BBVA's decision follows Sabadell's board on Monday saying the unsolicited bid significantly undervalued the bank's potential and growth prospects. The board repeated that position on Thursday.A recent example is Intesa's successful takeover of UBI Banca in 2020.Spanish bank BBVA on Thursday presented a 12.23 billion euro takeover bid for rival Sabadell directly to shareholders, even though Sabadell's board this week already rejected the proposal on the same terms.
Hostile takeover bids are rare in European banking. A recent example is Intesa's successful takeover of UBI Banca in 2020. The deal, which BBVA estimates could bring cost savings of 850 million euros before taxes, would give Sabadell shareholders a 16% stake in the combined lender.
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