Spain’s BBVA BBVA said on Monday it would move ahead with its hostile takeover bid for smaller rival Sabadell
SAB despite the additional condition set by the Spanish government on the deal.
The government said on June 24 BBVA would not be allowed to integrate its operations with Sabadell for at least three years as one of the conditions imposed on the over 14 billion-euro ($16 billion) bid. After three years, the cabinet could extend the conditions for another two years, it said.
