Banco de Sabadell, S.A. (BDSB.F)
- Bloomberg
BBVA Investors Approve Sabadell Bid in Boost for Chairman
(Bloomberg) -- BBVA SA’s investors voted to support the lender’s bid for rival Banco Sabadell SA, allowing Chairman Carlos Torres to clear one hurdle in his attempt to create a domestic banking giant.Most Read from BloombergKamala Harris Is Having a Surprise Resurgence as Biden’s Campaign UnravelsSingapore Couples Are Marrying Earlier to Buy Homes, Leading Some to RegretStocks Up as Path to September Fed Cut Gets Wider: Markets WrapSingapore Is Making Life Tougher for Global TalentBiden’s Fourth
- Reuters
BBVA secures capital increase support to fund Sabadell bid
MADRID (Reuters) -BBVA won shareholder support for a capital increase to fund its 12 billion euro ($13 billion) hostile bid for smaller rival Sabadell on Friday, as Spain's second-biggest bank, attempts to strengthen its position at home. BBVA relies on Mexico for more than half of its profit and combining with Sabadell, after a failed merger attempt in 2020, would create a bank with more than 1 trillion euros in total assets and mark the latest consolidation in Spanish banking. "The proposed transaction increases our scale and also strengthens our position in Spain, an attractive market for investment," BBVA Chairman Carlos Torres said in Bilbao, where shareholders approved a share issue of up to 1.126 billion shares to fund the deal at an extraordinary meeting.
- Bloomberg
BBVA Chair Carlos Torres Says Main Threat to Sabadell Bid Is Time
(Bloomberg) -- For Carlos Torres, architect of Spain’s first hostile banking takeover in decades, time is a far bigger obstacle than the opposition of Banco Sabadell SA’s board and the Spanish government to his €10.5 billion ($11.2 billion) bid.Most Read from BloombergBiden’s Disastrous Debate Accelerates Doubts Over CandidacyGavin Newsom Is Ready for the Biden EmergencyDemocrats Question Replacing Biden: Here’s How It Could WorkSupreme Court Overturns Chevron Rule in Blow to Agency PowerSupreme
