Sabadell has a dispersed ownership structure, making the outcome of the takeover bid uncertain

Sabadell has a dispersed ownership structure, making the outcome of the takeover bid uncertain

 Josep LAGO

The board of Spanish bank Sabadell on Tuesday rejected larger national rival BBVA's improved hostile takeover bid as 10 days remain for shareholders to make a final decision.

The proposed deal aims to create a European banking powerhouse capable of competing with industry heavyweights such as Santander, BNP Paribas and HSBC.

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