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Stock impact report

BBVA Hires Lobbyists to Win Over Spanish Government on Sabadell Deal [BNN Bloomberg (Canada)]

Banco Santander, S.A. Sponsored ADR (Spain) (SAN) 
Company Research Source: BNN Bloomberg
The country's second-largest bank has hired Kreab, according to people familiar with the matter. The company's assignment is to help sway public opinion in BBVA's favor, they said asking not to be identified discussing private information. Representatives for BBVA and Kreab declined to comment. The mandate is for a takeover battle that has gripped the nation and drawn strong opposition from the government. Economy Minister Carlos Cuerpo has said the deal would hurt competition in the country, while politicians in Sabadell's home region Catalonia have raised concerns that it would weaken the local financial industry. Earlier this month, BBVA made an offer directly to Sabadell shareholders in a move that became a political issue as it happened just a few days before elections in Catalonia. BBVA Chairman Carlos Torres has suggested the Spanish government would likely soften its stance after the elections, which took place on May 12. Read More: Socialists Win Catalan Ballot But R Show less Read more
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