02:19 PM EDT, 05/17/2024 (MT Newswires) -- (Updates with details throughout)

Banco de Sabadell's second-largest investor, Mexican billionaire David Martinez, supports Banco Bilbao Vizcaya Argentaria S.A's ( BBVA ) hostile takeover proposal, Bloomberg reported Friday, citing people familiar with the situation.

Banco de Sabadell reportedly rejected BBVA's offer of one new share for every 4.83 share in the bank for being too low.

BBVA's offer was also unable to win Spanish government's support, the report said.

BBVA, Sabadell and Martinez's investment firm Fintech Advisory did not immediately respond to requests for comment from MT Newswires.

(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.)

Price: 10.93, Change: +0.13, Percent Change: +1.19