Spain's BBVA to proceed with takeover bid for Sabadell
The government said on June 24 BBVA would not be allowed to integrate its operations with Sabadell for at least three years as one of the conditions imposed on the more than 14 billion-euro ($16 billion) bid. The cabinet could extend this condition for another two years, it said.
"After reviewing (the government) resolution BBVA has decided not to withdraw the offer and, therefore, it remains in effect in accordance with the applicable regulations," it said in a filing with the stock market supervisor.
Proceeding with the offer means BBVA must comply with the requirements set by the government on grounds of common interest such as protecting workers, protecting companies and protecting financial customers.
Following Madrid's decision, BBVA said it was reassessing the impact on the expected 850 million euros in cost savings it had previously announced. On Monday, it did not disclose any details.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
36 minutes ago
- The Sun
Ryanair to make free hand luggage allowance even SMALLER
RYANAIR is set to reduce the size of their hand luggage allowance. The budget carrier currently allows a free bag the size of 40cm x 25cm x 20cm into the cabin, which fits underneath the seat in front and is around 20 litres. However, new rules will reduce this to just 40cm x 30cm x 15cm, the Independent reports which is just 18 litres. Anyone with a bag that fits the new rules, will no longer be able to use it. Not only that, but all airports would need to change the size of their baggage sizers to be able to check them. The new rules are expected to be rolled out by the end of October this year. Ourania Georgoutsakou, Managing Director of Airlines for Europe (A4E) of which Ryanair is included, said: "This will align A4E members with the decision of member states made last month and bring more clarity to passengers across Europe. "From city-hoppers to family travellers, everyone will benefit from the same clear rule across our members' networks.' The size reduction comes amid the new EU rules set to be introduced which will ban airlines from charging for small carry on bags. This means passengers would be allowed a small cabin bag weighing up to 7kg, and no more than 100cm. The rules hope to simplify the travel process, with a common standard across the board for carry-on luggage. A Department for Transport spokeswoman said: 'We want to make sure passengers can travel with ease, which is why we landed a deal with the EU to allow millions more British nationals to use e-gates at airports in time for the summer holidays.' How to check in for a Ryanair flight Yet those opposing it have warned it will race plane ticket prices. Not only that, but most airlines do not have the overhead locker capacity to allow all passengers a cabin bag. Airlines for Europe Managing Director Ourania Georgoutsakou told Politico: 'The European Parliament should let travellers decide what services they want, what services they pay for and, importantly, what services they don't.' Other budget airlines that don't allow free cabin bags offer a much larger underseat bag size allowance. EasyJet allows bags that are 45cm x 36cm x 20cm, and have confirmed they won't reduce their sizes. While Wizz Air allow bags up to 40cm x 30cm x 20cm. British Airways and Jet2 have the same smaller size as Ryanair, but also allow a free cabin bag, measuring 56cm x 45cm x 15cm. Earlier this year, Ryanair were forced to refund a customer £124 after it was ruled they shouldn't have charged them for their hand luggage. The Spanish court claimed that the hand luggage was an "essential part of air travel". And last October Ryanair was also fined and after two customers complained how much they had been charged for hand luggage in Spain. 2
Finextra
41 minutes ago
- Finextra
How Cloud-Native Platforms Can Transform Siloed Payments
Erich Litch, General Manager, Payment Software, ACI Worldwide joined the FinextraTV Studio at EBA Day 2025 to discuss how cloud-native platforms are transforming the payments industry. Explaining the complicated nature of siloed payment systems with their own unique needs, Litch believed cloud-native platforms can help to unite these challenges into opportunities.
The National
42 minutes ago
- The National
Gilt yields spike following Rachel Reeves's tears during PMQs
Her sister Ellie Reeves, also an MP, was seen holding her hand as she left the chamber on Wednesday. Following PMQs ten-year gilt yields, which move inversely to the price of UK Government bonds and affect the cost of borrowing for the government, rose above 4.6%. (Image: UK Parliament) Reeves is facing intense scrutiny over her handling of public finances after the welfare bill was watered down, with rebel Labour backbenchers reportedly claiming the Chancellor intervened on reforms and looked for quick savings ahead of the Spring Statement. Labour's welfare U-turn last night will cost the UK Government £3 billion extra, according to the Resolution Foundation, while the restoration of winter fuel payments will add a further £1.3bn to government bills. Following the Spring Statement, economists warned that Reeves had left herself too little headroom, leaving public finances on shaky ground. The Institute for Fiscal Studies (IFS) also warned that extra spending commitments would lead to tax rises. Meanwhile, City analysts have previously estimated that the government could be forced to raise in excess of £20bn in order to restore her fiscal buffer. Other economists have suggested that the Chancellor could revise fiscal rules to allow for more spending, but higher borrowing commitments could rattle bond markets, with current debt interest payments set to total £104bn, more than double the levels seen in the 2010s.
