07:43 AM EDT, 06/12/2024 (MT Newswires) -- Banco Bilbao Vizcaya Argentaria ( BBVA ) is slowing down hiring in its home market Spain to avoid increasing its headcount while it pursues a hostile takeover of rival Banco Sabadell, Bloomberg News reported Wednesday, citing people familiar with the matter.

Some managers were informed that hiring is off the table at the moment since a deal with Sabadell is likely to result in substantial job cuts, the report said.

Banco Bilbao last month had reportedly offered 11.5 billion euros ($12.4 billion) directly to Sabadell shareholders after the smaller rival rejected an initial offer.

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

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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