Spain blocks BBVA from merging with Sabadell for at least three years
Government imposes new conditions on hostile banking bid
Government imposes new conditions on hostile banking bid

Tender offer only won over shareholders holding 25% of smaller rival’s stock

Combining the two lenders would eventually create €900mn of synergies and form Spain’s second-biggest bank by assets

Possibility of Sabadell shareholders getting a better offer from their Spanish rival leaves them with an uncomfortable choice

Spanish bank aims to conclude 18-month pursuit with improved €17bn bid for smaller rival

Lender files complaint with market regulator alleging Sabadell staff are obstructing voting

Spanish lender sounds out bidders for British arm as it seeks to fend off hostile takeover from BBVA