02:24 PM EDT, 05/24/2024 (MT Newswires) -- Banco Bilbao Vizcaya Argentaria ( BBVA ) sought approval from Spain's National Securities Market Commission to launch a bid for Banco de Sabadell.

The company is offering one new share for every 4.83 share of its banking rival.

BBVA has reportedly hired Kreab, a public relations firm, to help address the Spanish government's resistance to its takeover bid.

The bid has the backing of Mexican billionaire David Martinez, Sabadell's second-largest investor, according to a previous media report.

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