1116 GMT - The increasing resistance from the Spanish government to BBVA's takeover bid for Sabadell coupled with the news that the targeted bank's U.K. unit has attracted interest makes the transaction look increasingly awkward, RBC Capital Markets says. "We are getting close to the point where it might be sensible for BBVA to walk away from the deal and announce a large buyback to compensate investors for >12 months of messy news flow," analyst Benjamin Toms writes in a research note. BBVA likely assumed in its offer price that it would offload TSB in the U.K. shortly after closing for a profit, so if the unit is sold beforehand, the transaction could be scuttled, he notes. Sabadell falls 1.6% while BBVA slides 2.0%. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
June 17, 2025 07:16 ET (11:16 GMT)
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