Sabadell Investor Martinez Supports BBVA's Hostile Takeover Bid [BNN Bloomberg (Canada)]
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Source: BNN Bloomberg
Spain's second-biggest lender is offering one newly issued share for every 4.83 shares in its smaller rival. Sabadell's management has rejected the offer as too low. The government has said it's opposed, too. Support from Martinez demonstrates that the offer could appeal to shareholders on both sides of the deal. Martinez, who is a board member of Sabadell, holds about 3.5% of the company's stock, slightly less than BlackRock Inc., according to data on the Spanish securities regulator's website. The European Central Bank also supports a merger, Bloomberg has reported. Fintech Advisory, Martinez's investment firm, declined to comment, as did BBVA and Sabadell. Read More: BBVA's Relentless Pursuit of Sabadell Upends Spanish Banking ©2024 Bloomberg L.P. FAANG stocks
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