Sabadell suspends buybacks after BBVA takeover approach
By Elena Vardon
Banco de Sabadell is temporarily suspending its share buyback program at the Spanish market regulator's request following Banco Bilbao Vizcaya Argentaria's hostile takeover approach.
The National Securities Market Commission asked the Spanish lender to suspend the program following last week's offer by BBVA (ES:BBVA) (BBVA) for its entire share capital, it said late Monday. When the offer was made, it valued Sabadell (ES:SAB) at $12.39 billion.
The bank was running a buyback program of up to 340 million euros ($366.8 million) program that it launched at its first-quarter results last month.
As of May 8-the day before the program was discontinued-it had bought back EUR92.9 million in shares, or 27% of the maximum amount, Sabadell said.
Write to Elena Vardon at elena.vardon@wsj.com
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