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Sabadell's board tells shareholders to reject BBVA's hostile takeover bid

By Jesús Aguado MADRID (Reuters) - Spanish bank Sabadell's board unanimously recommended its shareholders reject BBVA's hostile takeover bid on Friday, a move that may add pressure on the rival to increase its offer. BBVA formally launched its 15.3 billion euro ($17.97 billion) bid for Sabadell on Monday as it seeks to create the second-largest Spanish bank in terms of domestic assets worth around 1 trillion euros. That started the acceptance period, which lasts until October 7 with the results of the o ...