A rare hostile takeover bid in Europe's banking sector has shocked markets [CNBC]
INTESA SANPAOLO S/ADR (ISNPY)
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Source: CNBC
The move comes shortly after a separate 12 billion euro ($12.87 billion) takeover offer from BBVA to Sabadell's board was rejected earlier in the week. The board said Monday that BBVA's initial bid “significantly undervalues” the bank's growth prospects, adding that its standalone strategy will create superior value. It reiterated this position on Thursday as BBVA took its all-share offer directly to the bank's shareholders. BBVA said its takeover offer has the same financial terms as the merger offered to Sabadell's board. It characterized the proposal — which would create Spain's second-largest financial institution if successful — as “extraordinarily attractive.” “We are presenting to Banco Sabadell's shareholders an extraordinarily attractive offer to create a bank with greater scale in one of our most important markets,” BBVA Chair Carlos Torres Vila said in a statement. “Together we will have a greater positive impact in the geographies where we operate, with an additio
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