Sabadell Says Vast Majority of Its Clients Rejected BBVA Bid

The overwhelming majority of Banco Sabadell SA’s clients who are also shareholders spurned BBVA SA’s $19 billion takeover bid, potentially raising doubt that it crossed the 50% threshold.

Only 2.8% of those investors tendered their stock to BBVA, according to a regulatory filing from Sabadell published Tuesday. That’s equivalent to 1.1% of Sabadell’s total share capital as the investors account for 30.8% of that, the firm said.