09:25 AM EDT, 07/08/2025 (MT Newswires) -- Banco Bilbao Vizcaya Argentaria ( BBVA ) expects that the Spanish government condition on its proposed acquisition of Banco Sabadell will push back the timing of the 850 million euros ($995.9 million) in expected cost savings, but not reduce the total amount, according to media reports on Tuesday.

The Spanish government approved the takeover with a condition that prevent a full merger for at least three years.

BBVA reportedly told Bloomberg News that the restriction "will delay the materialization of part of the estimated synergies but in no case will the synergies be lower than previously estimated."

BBVA expects to achieve 300 million euros in near-term synergies with the remaining expected after the restrictions are lifted, Spanish newspaper Expansion reported, citing senior BBVA executives.

BBVA is awaiting final approval from Spain's securities regulator to launch its offer of one BBVA share for every 5.3456 Sabadell shares, plus 0.70 euro in cash, according to Bloomberg.

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

Shares of BBVA were up 1.8% in recent Tuesday premarket activity.