SANTANDER, Spain (Reuters) -The Spanish government could set additional conditions on BBVA's 12-billion-euro ($12.85 billion) takeover bid for smaller rival Sabadell, the head of the country's antitrust watchdog said on Tuesday. Cani Fernandez, head of the regulator, CNMC, also said that the watchdog could force the combined entity to divest in areas such as the insurance business. The watchdog is reviewing the bid proposal and that could take at least a month, or three months if the review goes to a second phase, Fernandez told an event in Santander.
Banco Santander (SAN) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).
SAN vs. SMFG: Which Stock Is the Better Value Option?