BBVA, the Spanish bank facing obstacles in its €10bn hostile bid for Banco Sabadell, is arguing the deal would still be worthwhile even if it only gets half of what it wants — owning Sabadell without being able to merge with it.
Spain’s Socialist-led government is firmly opposed to the proposed acquisition of the TSB owner, which would be the biggest transaction in European banking this year. But while it can veto a merger of the two entities, it cannot stop Carlos Torres, BBVA’s executive chair, from launching his all-share tender offer to Sabadell shareholders.
That has pushed…
