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International Business Times
International Business Times
Business

FORGOTTEN HISTORY: Spain s bbva fails in sabadell takeover bid | History Defined

Sabadell BBVA Spain CNMV Stock Market
Both banks had offered lavish dividends in a bid to woo Sabadell shareholders (Credit: AFP)

Spanish banking giant BBVA's hostile takeover bid for smaller rival Sabadell has failed, dashing its hopes of creating a new European sector colossus, the stock market regulator announced on Thursday.

The offer gained acceptance from 25.33 percent of Sabadell's shares and fell short of the minimum 30-percent threshold of voting rights needed for a possible second bid, the CNMV said in a statement.

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