Banco Bilbao (BBVA) Climbs to New High on Failed $19-Billion Sabadell Bid

We recently published Market Downturn? Not for these 10 Stocks; 7 Jump to Record Highs. Banco Bilbao Vizcaya Argentaria SA (NYSE:BBVA) is one of the best performers on Thursday.

Banco Bilbao rallied to a fresh 52-week high on Thursday, as investors cheered its failed $19 billion takeover of Banco Sabadell, having lacked the support of the latter’s shareholders.

In intra-day trading, the stock soared to a fresh high of $20 before trimming gains to end the day just up by 6.68 percent at $19.48 apiece.

The failed takeover came after Banco Bilbao Vizcaya Argentaria SA (NYSE:BBVA) failed to secure the minimum threshold of 50 percent voting rights, having only earned a quarter of shareholder approval. This officially put an end to an 18-month-long attempt by Banco Bilbao Vizcaya Argentaria SA (NYSE:BBVA) to take over its rival.

Banco Bilbao Vizcaya Argentaria SA (NYSE:BBVA) first moved to acquire Sabadell in April 2024, an initiative that also earned a wave of government opposition and warnings about job losses, which led to a months-long anti-trust review.

Eventually, the anti-trust watchdog intervened and allowed the takeover, but on condition that it would not fully merge for at least three years.

In line with the failed bid, Banco Bilbao Vizcaya Argentaria SA (NYSE:BBVA) said it would immediately resume shareholder remuneration from October 31, when it will start executing a pending 1 billion euro share buyback.

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Disclosure: None. This article is originally published at Insider Monkey.