Spain’s BBVA fails in hostile bid for Sabadell
Tender offer only won over shareholders holding 25% of smaller rival’s stock
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’

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

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

Government imposes new conditions on hostile banking bid