BBVA's Relentless Pursuit of Sabadell Upends Spanish Banking [BNN Bloomberg (Canada)]
Banco Santander, S.A. Sponsored ADR (Spain) (SAN)
US:NYSE Investor Relations:
santander.com/csgs/satellite/cfwcsancomqp01/en_gb/corporate/shareholders-and-investors.html
Company Research
Source: BNN Bloomberg
News of the bid has sent BBVA's shares tumbling. At Sabadell, the manner of BBVA's approach irritated executives even before Thursday's shift to a hostile offer that they say broke the law. The Spanish government is opposed to the deal, too. That hasn't deterred BBVA's Chair Carlos Torres. He doubled down on Thursday, arguing that a takeover was in the interests of all shareholders and saying the government would ultimately come around. “The easiest decision would have been to abandon the project, but that's not what we are paid for,” Torres said in a press conference Thursday after BBVA took its offer directly to Sabadell shareholders after being rebuffed by the board. Whether it proves successful or not, his approach is rippling through Spanish banking. It has raised questions about where it leaves the country's finance industry, if hostile takeovers could become less of a rarity, and what role the government plays. It's also driven a rift between two lenders that together em
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