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By Linda Hall • Published: 23 Oct 2024 • 13:29 • 1 minute read
: BBVA: Bank headed by Carlos Torres sees shares fall Photo credit: CC/Manuel Casamayon
The BBVA bank’s takeover bid for Banco Sabadell, which turned hostile in May 2024, is producing unwelcome side effects for the former.
By close of business on October 18, BBVA had a market value of €53.54 billion, compared to rival Santander’s €71.89 billion.
The gap between them has now widened to €18.35 billion, although in April this year, BBVA trailed Santander by €7.4 million, with a capitalisation of €65.59 billion against Santander’s €73.99 billion.
Since then, BBVA shares have fallen by 16 per cent.
Analysts quoted in Spain’s financial media commented that investors are buying Santander while, anticipating a fall, have taken a short position in BBVA shares.
This fall could continue, owing to the 15 per cent devaluation of the peso in Mexico, which is one of BBVA’s principal international markets.
Meanwhile, Sabadell continues to fight the takeover, which is in any case is opposed by the Spanish government.
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Originally from the UK, Linda is based in Valenca province and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com.
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