Spanish government opposes BBVA's US$13-billion hostile bid for smaller rival Sabadell [Globe and Mail, The (Toronto, Canada)]
CAIXABANK SA UNSP/ADR (CAIXY)
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Source: Globe and Mail, The
“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. “We have the last word when it comes to authorizing the merger by absorption by BBVA with Sabadell and that is where we would come in, of course, to make this assessment.” 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 Europe. “I am confident that the government will appreciate the value of the transaction,” Torres said in a call with investors. Catalonia, the Spanish region that would be most affected by the takeover given a high number of overlapping branches in the region, will hold regional elections on Sunday. Unions and some local parties have already expressed concerns about the impact any merger would have in terms of job losses and branch closures in the region. Labour union CC
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- Spain's Central Bank May Be Led by a Woman for the First Time [BNN Bloomberg (Canada)]BNN Bloomberg
- Spanish bank Sabadell rejects $12.9 billion BBVA merger proposal [CNBC]CNBC