05:14 AM EDT, 09/12/2025 (MT Newswires) -- Banco Sabadell said Friday its board unanimously recommended that its shareholders reject Banco Bilbao Vizcaya Argentaria's ( BBVA ) hostile takeover bid as it "significantly undervalues" the company.

The board said it "has full confidence in Banco Sabadell's growth strategy and its ability to achieve its financial objectives, and considers that the offer destroys shareholder value, while Banco Sabadell's strategy as an independent bank will generate greater value and higher returns for its shareholders than integration with BBVA."

Banco Sabadell has rejected merger proposals from BBVA twice, in November 2020 and May 2024, it said.

BBVA did not immediately respond to MT Newswires' request for comment.

The company's shares were down 1.5% in recent premarket activity.