The Spanish government has thrown a new obstacle into the path of BBVA’s €11bn hostile bid for rival lender Sabadell, declaring that the would-be acquirer cannot merge the two entities for at least three years.
Spain’s economy minister Carlos Cuerpo said the cabinet had decided that the two entities would have to “maintain separate legal identities and assets, as well as autonomy in the management of their activities” for three years and possibly more.
The decision, which came after a cabinet review initiated last month, means BBVA must now decide whether to accept the conditions, challenge them in the courts or drop its bid entirely.
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