BBVA’s Sabadell Bid Sways Key Investor as It Seeks to Cross 50%

BBVA SA’s €17 billion ($20 billion) takeover bid for Banco Sabadell SA was accepted by a major shareholder, providing a boost as Spain’s second-largest bank aims to get more than 50% of the rival’s shares.

David Martinez agreed to the offer, according to a filing on Tuesday. The Mexican billionaire, who owns 3.86% in Sabadell and sits on its board, had previously rejected the proposal but changed his mind after BBVA last week stepped up the price.

Carlos Torres

Photographer: Aaron M. Sprecher/Bloomberg

The tender offer is nearing its end on Oct. 10 and BBVA has been pulling out all the stops to convince ...