Offers one new share every 4.83 Sabadell shares (Il Sole 24 Ore Radiocor) - Madrid, 09 May - Spanish lender BBVA said it was making a formal offer to buy its smaller rival Banco de Sabadell, offering one new share for every 4.83 existing ones, valuing the company at 2.12 euros per share.

Last week, Sabadell rejected BBVA's proposal saying that it "significantly undervalues the potential of Banco Sabadell and its standalone growth prospects." BBVA said earlier this week that there was no room to improve the economic terms.

BBVA today said that its bid is conditional on receiving 50.01% acceptance and that is has no agreement of any kind with Sabadell, neither with its shareholders nor with its board of directors.

AAA-Sch

(RADIOCOR) 09-05-24 08:10:11 (0106) 5 NNNN