Banking

BBVA launches hostile bid for banking rival

Spain’s second largest bank made the offer which was based on similar terms to a previous bid

Spain’s second largest bank made an all-share offer in a “voluntary tender”. Picture: Antonio Heredia/Bloomberg

Banco Bilbao Vizcaya Argentaria (BBVA) has launched a hostile bid for Banco de Sabadell SA just days after an earlier approach was rejected by the board of its smaller rival.

Spain’s second largest bank made an all-share offer in a “voluntary tender” that has similar terms to its previous bid, BBVA said in a filing Thursday.

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