Spanish bank bosses go head-to-head after BBVA turns hostile [Reuters]
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Source: Reuters
MADRID/LONDON, May 9 (Reuters) - Sabadell CEO César González-Bueno was in London on Thursday meeting with analysts to champion his bank's success when news landed that rival BBVA was going hostile with its 12.23 billion-euro ($13.2 billion) takeover offer. The surprise - the first hostile banking takeover bid in Spain since the 1980s - pits the banks' same long-standing executives against each other who tried and failed to negotiate a deal between Spain's second and fourth-largest banks in 2020. After a new approach last month, BBVA Chair Carlos Torres gave his Sabadell counterpart, Josep Oliu, a clear message in a May 5 letter: there would be no improving its all-share offer. Sabadell took the unusual step of publishing that missive after its board had rejected the deal, leaving analysts scratching their heads about BBVA's next move. Three bankers in Madrid, who have worked with both lenders and spoke on condition of anonymity, said they were "amazed" by the aggressiveness of
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