Sabadell CEO plays down ‘white knight’ prospect to stop BBVA bid
Banco Sabadell (SABE.MC), opens new tab is unlikely to get a competing takeover offer to scupper a hostile bid from rival BBVA (BBVA.MC), opens new tab because other banks would also face competition concerns, Sabadell’s CEO Cesar Gonzalez-Bueno said.
Sabadell is trying to fend off BBVA’s hostile approach, and one tactic target companies can use to defend themselves is to find an alternative buyer, a so-called ‘white knight’, to make an offer on friendlier terms.
Source: REUTER