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Headline : Spanish bank Sabadell rejects $12.9 billion BBVA merger proposal

Read more from the original article on here at www.cnbc.com.





Tags : #spanish #bank #sabadell #rejects #129 #billion #bbva #merger #proposal


No. of Paragraph 25

Sabadell's board rejected a merger proposal by larger rival BBVA for a 12 billion euro ($12.93 billion) all-share merger, the Spanish lender said on Monday.

The country's fourth-largest lender by market value said its board believed BBVA's proposal significantly undervalues the potential of Banco Sabadell and its growth prospects, calling the offer unsolicited.

Propped up by higher interest rates and robust profits, European banks are flush with cash and their shares have hit multi-year highs, boosting speculation of more M&A activity, although clinching deals is far from easy.

Last week, BBVA had offered an exchange ratio of one newly issued BBVA share for every 4.83 Sabadell shares, a premium of 30% over April 29 closing prices.

Read more from the original article on here at www.cnbc.com.


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