BBVA battle for TSB owner presents investors with a prisoner’s dilemma
Possibility of Sabadell shareholders getting a better offer from their Spanish rival leaves them with an uncomfortable choice
Possibility of Sabadell shareholders getting a better offer from their Spanish rival leaves them with an uncomfortable choice

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

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

Catalan bank’s chief says offer is ‘riddled with risks and uncertainties’

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

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