Sabadell's Merger Impasse Amid BBVA Proposal Drama

Sabadell Bank doesn't anticipate further merger proposals after a BBVA bid, according to CEO Cesar Gonzalez-Bueno. Spanish legislation and concerns over job losses complicate the merger discussions. BBVA's chairman urges quick decisions as the Spanish government weighs its options, while public sentiment leans against the deal.

Sabadell Bank, led by CEO Cesar Gonzalez-Bueno, sees no forthcoming merger offers following BBVA's proposed acquisition. Gonzalez-Bueno stated that although discussions are ongoing in the banking sector, the formalization of any corporate deal appears unlikely in the immediate or foreseeable future.

The Spanish government has expressed resistance to the 14 billion-euro merger, citing employment concerns. A non-binding public consultation has been initiated amidst these worries. Despite obtaining conditional approval from Spain's competition authority, Economy Minister Carlos Cuerpo faces a deadline to present the deal for cabinet review.

BBVA's chairman, Carlos Torres, insists further government examination is unnecessary, arguing the merger's benefits for stakeholders. However, without cabinet submission by the minister, BBVA could proceed with its bid once the market supervisor approves the takeover prospectus, leaving the final decision to the Spanish government.

(With inputs from agencies.)