BBVA’s Bid for Sabadell Fails in Big Blow to Chairman Torres (4)

BBVA SA’s $19 billion offer for Banco Sabadell SA was rejected by three quarters of shareholders, ending a takeover saga that has dragged on for almost a year and a half.

Investors tendered just 25.47% of Sabadell’s voting rights, according to a statement from the markets regulator CNMV on Thursday. That’s below the 30% threshold BBVA would have needed to cross to be able to proceed with the takeover effort.

The result is a blow to BBVA Chairman Carlos Torres, whose first attempt to buy Sabadell five years ago also fell apart. After going hostile in May ...