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

Spanish bank BBVA has made a €12.23 billion takeover bid for rival Sabadell directly to shareholders. This comes after Sabadell’s board rejected the proposal as undervaluing the bank’s potential and growth prospects. BBVA aims to create a lender with more than 100 million customers globally and assets exceeding €1 trillion. The deal could bring cost savings of €850 million before taxes and would give Sabadell shareholders a 16% stake in the combined company. Spain’s banking sector has seen consolidation as lenders seek to cut costs and boost scale.