A logo outside the Banco Sabadell SA offices at the Banc Sabadell Tower in Barcelona, Spain, on Wednesday, May 1, 2024.
Spanish bank BBVA caught markets by surprise on Thursday after it announced a rare hostile takeover bid for domestic rival Banco Sabadell, with one investment firm describing the situation as "very strange."
The move comes shortly after a separate 12 billion euro ($12.87 billion) takeover offer from BBVA to Sabadell's board was rejected earlier in the week.
BBVA said its takeover offer has the same financial terms as the merger offered to Sabadell's board.
Shares of BBVA fell 6% at around midday London time on Thursday, while Sabadell's stock price rose more than 3%.
Persons:
Carlos Torres Vila
Organizations:
Banco Sabadell SA, BBVA, Banco Sabadell, Banco
Locations:
Banc, Barcelona, Spain, Spanish