BBVA SET TO LAUNCH 14.9 BILLION EURO HOSTILE BID FOR SABADELL ON MONDAY

Spain's BBVA said on Friday that its 14.9 billion euro ($17.44 billion) mostly share-based hostile bid for Sabadell is scheduled to begin on Monday, while the target bank's chairman said the offer was worse than its earlier one.

BBVA said it now expects the merger to generate 900 million euros in cost savings, from an initial estimate of 850 million euros, but added that those combined benefits are now projected to materialise in 2029 after the Spanish government blocked a full merger of the two banks for at least three years.

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