27 Nov, 2020 @ 15:00
1 min read

Spain’s BBVA and Sabadell halt merger talks as disagreements flare over prices

BBVA predicts one million new jobs for Spain

THE merger between two of Spain’s largest banks BBVA and Banco Sabadell has ground to a halt as disagreements have emerged over buyout prices.

According to Spain’s El Economista, talks have fallen apart thanks to the price that BBVA is willing to pay for it’s smaller rival.

According to Spanish press, BBVA would be willing to pay for the takeover in cash as stipulated by Sabdell, but would not we willing to go above the initial offer of €2.5 billion.

It has also been reported that there have been disagreements over the future leadership of the new banking entity.

Since the news of the collapse, Sabadell’s stocks have plummeted dramatically, however BBVA’s have held firm, peaking at a total value of €25.14 billion.

According to Sabadell chairman Carlos Torres, the bank will now refocus and concentrate on growing TSB Bank’s presence in Spain.

“We will analyse with our advisers, strategic alternatives for creating value with respect to the group’s international assets, including TSB,” said Torres in a statement.

Sabadell took over ownership of TSB in June 2015 for a total of €1.7 billion.

James Warren

"James spent three years spent working as a junior writer at various English language newspapers in Spain before finding a home at the Olive Press. He previously worked for many years as a bid writer for an international motorsports company. Based in Cordoba since 2014, James covers the southern Subbetica region, northern and inland Malaga and the Axarquia area. Get in touch at [email protected] with news or trustworthy tips that you would like him to cover in these areas"

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