BBVA rule out improved offer for Sabadell saying margins 'exhausted'

BBVA has warned Banc Sabadell that it would not make a second offer to acquire the entity considering that there was no room to improve the offer.

President of the Basque bank BBVA, Carlos Torres, sent a letter to his Sabadell counterpart, Josep Oliu, which the Catalan bank has now sent on to Spain's National Securities Market Commission (CNMV).

Torres points out that all the margin he had with the 30% premium of the share on April 29 has been exhausted "despite the great relative rise of the share."

The BBVA president also reveals that when the board proposed the merger in mid-April, the premium was 48%.