1223 GMT - BBVA's revised remedies for Sabadell bid weaken the deal's financial appeal as they cut into the projected synergies, Kepler Cheuvreux says in a research note. Spanish media outlets reported that the competition regulator broadened the scope of its market test on the hostile takeover bid to include input from trade unions as stakeholders in the review process, which is currently in phase 2. "We estimate that the expanded remedies, particularly the five-year commitments on SME lending and pricing that the Spanish press is quoting, could reduce net synergies by up to 30%," analyst Maria Antonia Casado writes. This amounts to 590 million euros and reduces the earnings per share growth and return on investment, she calculates. A final decision before mid-April is unlikely, she adds. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
April 04, 2025 08:23 ET (12:23 GMT)
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