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Spain’s BBVA announces $13 billion hostile takeover bid for Sabadell

The headquarters of the Spanish bank BBVA is in Madrid, Spain.

Juan Medina | Reuters

Spanish bank BBVA presented a 12.23 billion euro takeover offer for its rival Sabadell directly to shareholders on Thursday, even though Sabadell’s board of directors already this week rejected the proposal under the same conditions.

BBVA’s decision follows Sabadell’s board of directors saying on Monday that the unsolicited offer significantly undervalued the bank’s growth potential and prospects. The board reiterated that position Thursday.