Spain's second-largest bank BBVA announced Thursday a hostile takeover bid for Banco Sabadell, three days after its smaller rival rejected an offer that would create a European banking giant.
The new bid would be carried out under the same conditions as the merger proposal rejected by Sabadell's board of directors -- an exchange of one new BBVA share for every 4.83 Sabadell shares, BBVA said in a statement sent to the Spanish stock market regulator CNMV.
