A $19 Billion Hostile Bid Ends in Epic Failure: Chris Hughes

BBVA SA Chairman Carlos Torres has egg on his face after his epic fight to acquire Spanish rival Banco Sabadell SA ended in epic failure. It’s hard to have much sympathy. This is what happens when you ignore almost all conventional wisdom on the challenges of hostile deals.

Torres made his move on Sabadell in April 2024. BBVA had tried to buy Sabadell before, and you can see the logic of renewing the attempt given that he was delivering decent financial results and Sabadell was under new management. The approach leaked, putting immediate pressure on BBVA’s share price because of ...