BBVA has failed to reach 26% of Sabadell's capital and has terminated its public offer to buy the bank
The offer, which was to deliver a new stock of the bank in Sabadell for 4,8376 shares, has been cancelled.
BBVA has declared itself bankrupt in its bid to buy Banco Sabadell by failing to reach 26% of the entity's capital, thereby putting an end to the attempt to control the Catalan entity, as confirmed by the National Securities and Exchange Commission (CNMV).
BBVA has secured the support of 25.47% of Sabadell Bank's capital, far from the initial target of achieving at least 50%.
Thus, the offer of the BBVA, which planned to deliver a new bank stock in Sabadell in 4,8376 shares, has been cancelled.
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