07:57 AM EDT, 10/21/2024 (MT Newswires) -- Banco Bilbao Vizcaya Argentaria ( BBVA ) shareholder GQG Partners sold its stake in the bank as it opposed BBVA's hostile takeover bid for rival Banco Sabadell, the Financial Times reported Sunday, citing unnamed sources familiar with the matter.

The report said GQG Partners was among the top five BBVA shareholders but no further details on its stake or the sale transaction were disclosed.

According to the Financial Times, 96% of BBVA shareholders voted in favor of a 10-billion-euro ($10.85 billion) share issuance in July to facilitate the bid for Banco Sabadell and GQG Partners had already decided then to sell its stake.

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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