Spanish bank BBVA shares hit highest in 18 years after takeover bid for rival collapses

BBVA had pursued takeover of Sabadell for 18 months

Shares in Spanish bank BBVA soared to the highest level in 18 years after its takeover bid for rival Banco Sabadell collapsed, prompting investors back after a year and a half of uncertainty and the prospect of higher payouts. Picture: AP Photo/Natacha Pisarenko

Shares in Spanish bank BBVA soared to the highest level in 18 years after its takeover bid for rival Banco Sabadell collapsed, prompting investors back after a year and a half of uncertainty and the prospect of higher payouts.

“The announcement that BBVA has failed in its attempted takeover of Sabadell comes with some relief, not because the transaction was a bad one, but because the uncertainty overhanging both banks had lasted far too long,” RBC analyst Benjamin Toms wrote in a note.