Last night, Sabadell declared that the disclosure of information concerning the company by BBVA, the initiator of a hostile takeover bid for its share capital, constituted a breach of the applicable stock exchange laws.

In a notice sent to the CNMV, the Spanish financial markets supervisory authority, the Spanish banking group stresses that this information, which it considers incomplete, is likely to mislead the market.

The group says it has informed the CNMV of these shortcomings, with the aim of providing investors with complete and transparent information, and ensuring an orderly and correct process.

BBVA, which yesterday formalized an unsolicited takeover bid for its rival, presented a number of elements supposed to characterize its rival's business, in order to convince analysts and investors of the merits of the operation.

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