Sabadell rejected BBVA’s offer due to the impact on capital

The impact on the capital ratio would be significantly higher than the 30 basis points anticipated by BBVA, González-Bueno argued in his first public statements since BBVA presented a hostile takeover last week worth 12.23 billion euros (13.1 billion of dollars).

The surprise operation provoked immediate opposition from the Government of Spain.

Sabadell’s board of directors had rejected a previous merger proposal from BBVA before it took it directly to the shareholders of its smaller competitor.

González-Bueno stated that the Spanish takeover law limits what the bank can do to defend itself from the public takeover bid launched.