Sabadell Executive Chairman Josep Oliu called on the Spanish government Thursday to be transparent about Banco Bilbao Vizcaya Argentaria's (BBVA) hostile takeover bid for the bank, according to media reports.
The shareholders should have all the information about the deal and what conditions the government will impose for the deal to close, Reuters cited Oliu.
Sabadell CEO Cesar Gonzalez-Bueno also opposed the deal in an interview with CNBC. The executive pointed to the fact that the deal is not a merger, but an acquisition, and raised concerns over the synergies. Gonzalez-Bueno claimed 70 entities from trade unions to other associations have shown opposition to the deal and he believes the deal will derail.
BBVA and Spain's economy ministry didn't immediately respond to requests for comment from MT Newswires.
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