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Euronews
Euronews
Eleanor Butler

BBVA fails in €17bn takeover battle for smaller Spanish rival Sabadell

Lender BBVA has failed in its takeover bid for smaller rival Sabadell, bringing an end to the tumultuous Spanish banking drama.

Sabadell shareholders holding 25.47% of voting rights backed the offer, far short of the 50% needed for BBVA’s bid to succeed outright. If the proposal had received a backing over 30%, BBVA could have launched a second offer.

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