0721 GMT - BBVA's reduction of the acceptance level of its $12 billion-plus hostile bid to take over Banco de Sabadell is mostly a technical adjustment at the request of Spanish regulators, RBC Capital Markets' Benjamin Toms and Pablo de la Torre Cuevas say in a research note. BBVA said its offer requires more than half of the effective voting rights of Sabadell, excluding treasury shares. Regulators saw a need to clarify what BBVA's acceptance threshold was and the Spanish bank's move effectively means the minimum acceptance is reduced by 0.7%, according to RBC. "We continue to be of the view that this deal gets done, probably by [the first half], and probably with some relatively minor remedies and a 10% increase in the offer price," the analysts say. (adria.calatayud@wsj.com)
(END) Dow Jones Newswires
January 10, 2025 02:21 ET (07:21 GMT)
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