Spanish government opposes BBVA's $13 bln Sabadell bid [Reuters]
CAIXABANK SA UNSP/ADR (CAIXY)
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Source: Reuters
Under Spanish law, the Economy Ministry has the last word in approving any merger or acquisition of a bank. The government has six months to decide after consulting with regulators including the Bank of Spain and the securities regulator CNMV. BBVA, Spain's second-largest bank on Thursday presented a 12.23 billion euro ($13.11 billion) takeover bid directly to Sabadell's shareholders after its target's board earlier this week rejected the proposal on the same terms. Cuerpo said the government considers the combination of the two banks would have potentially harmful effects on the Spanish financial system and would impact jobs and customers. "We are right now, both in form and substance, rejecting this operation as a consequence of those potential negative effects it could have," Cuerpo said in an interview on TVE. BBVA Chairman Carlos Torres said on Thursday the combined entity would boost the Spanish economy by generating a higher tax base and creating a stronger player in E
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