MADRID – Banco Bilbao (NYSE: BBVA) Chair Carlos Torres on Friday told its shareholders that he was fully confident of the success of its 12-billion-euro takeover of smaller rival Sabadell.
The bid, opposed by the Spanish government, was rejected by Sabadell’s board, prompting BBVA to launch in May a hostile offer directly to Sabadell’s shareholders in its latest attempt at a deal, after a failed effort in 2020.
“We have full confidence that the operation will be successful,” Torres told shareholders in Bilbao, where Spain’s second-biggest lender by market was holding an extraordinary meeting to approve a share issue of up to 1.126 billion shares to fund the deal.
More than 70% of BBVA’s capital was present or represented at the shareholders’ meeting, the secretary of the board, Domingo Armengol, said.
“The proposed transaction increases our scale and also strengthens our position in Spain, an attractive investment market,” Torres said.
(Source: Reuters)
Zabih Ullah is a seasoned finance writer with more than ten years of experience. He is highly skilled at analyzing market trends, decoding economic data, and providing insightful commentary on various financial topics. Driven by his curiosity, Zabih stays updated with the latest developments in the finance industry, ensuring that his readers receive timely and relevant news and analysis.
