Spain's BBVA Sets Out Merger Terms With Rival Sabadell

By Mauro Orru

Banco Bilbao Vizcaya Argentaria laid out terms for its proposed merger with smaller rival Banco de Sabadell in a deal to create one of the largest financial institutions in Europe.

The Spanish bank said it would offer one newly issued share for every 4.83 Banco Sabadell shares, an exchange ratio representing a 30% premium over the closing prices of BBVA and Sabadell on April 29.

Banco Sabadell shareholders will command a 16% stake in the combined group following the merger.

Write to Mauro Orru at [e-mail]

(END) Dow Jones Newswires

05-01-24 0651ET