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Investing.com -- Spain’s market regulator CNMV has approved BBVA’s hostile takeover bid for smaller rival Banco de Sabadell, moving the deal one step closer to completion.
Banco Bilbao Vizcaya Argentaria launched its hostile pursuit of Sabadell in May, aiming to create one of the eurozone’s largest banking institutions after facing resistance from Sabadell’s management team.
The CNMV stated Friday that it authorized the offer after determining that its terms comply with applicable regulations and that the prospectus contains sufficient information following certain amendments.
This regulatory approval follows earlier green lights from the European Central Bank and Spain’s competition authority. BBVA had previously submitted remedies to address antitrust concerns raised by regulators.
The deal still requires approval from Sabadell’s shareholders before it can be finalized. The CNMV indicated it will announce the acceptance period once BBVA publishes the necessary documentation. BBVA had previously stated that the take-up period could begin in early September.
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