Banco Bilbao Vizcaya Argentaria (BBVA) has appealed the Spanish government's decision to block it from fully integrating Banco Sabadell if its takeover bid succeeds, Bloomberg News reported Thursday.
The bank filed the appeal with Spain's Supreme Court on July 15, according to media outlet El Espanol, the report added.
"BBVA confirms the information and states that this does not interfere with the takeover bid," a spokesperson told MT Newswires.
In June, the Spanish government ruled that if BBVA acquires Sabadell, it must keep the bank as a separate company for at least three years, possibly five. A decision on allowing a full legal merger would only be considered after that time, according to the report.
The bank recently said in a regulatory filing that it is assessing the impact on potential synergies, though it has decided to maintain the offer, the report added.
Banco Sabadell didn't immediately reply to MT Newswires' request for comment.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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