MADRID (Reuters) -Spain’s CNMC competition watchdog on Wednesday approved the proposed acquisition of Banco de Sabadell by its larger rival BBVA with certain conditions, clearing another hurdle in the long-running hostile takeover bid.
BBVA wants to create a bank with over 1 trillion euros ($1.13 trillion) in total assets to help it gain scale and better cope with a lower interest rate environment.
($1 = 0.8813 euros)
(Reporting by Jesús Aguado, editing by Andrei Khalip)