Spanish Cabinet Scrutinizes BBVA-Sabadell Acquisition Proposal

Spanish Economy Minister Carlos Cuerpo submitted BBVA's proposed acquisition of Sabadell for cabinet scrutiny. Valued at over 14 billion euros, the deal faces government opposition due to potential job losses. The cabinet has a month to decide whether to authorize it with or without conditions.

On Tuesday, Spanish Economy Minister Carlos Cuerpo submitted the proposed acquisition of smaller rival Sabadell by BBVA to the cabinet for further scrutiny, as confirmed by the ministry in a statement.

The Spanish government has previously expressed opposition to the deal, which is valued at over 14 billion euros (approximately $15.9 billion), citing concerns over potential job losses.

The cabinet now has a month to evaluate whether to authorize the deal, and if so, whether to impose conditions.

(With inputs from agencies.)