01:47 PM EDT, 05/28/2024 (MT Newswires) -- (Updates with BBVA's response in the fourth paragraph.)

Sabadell shareholders may have until 2025 to decide on BBVA's (BBVA) 12.23 billion euro ($13.3 billion) hostile takeover bid, Reuters reported, citing a letter being sent to Sabadell shareholders this week it has seen.

"It would be then that the board of Banco Sabadell would issue a public and detailed recommendation regarding the bid and you would have to make your decision," the report quoted Sabadell Chairman Josep Oliu as saying in the letter.

Oliu said that at this stage, investors don't need to make any decisions, according to the report.

BBVA told MT Newswires it had no comments about the letter, while Sabadell didn't immediately respond to a request for comment.

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