MADRID, Oct 17 (Reuters) - Shares in BBVA rose 5.7% after it announced it would immediately resume share buybacks following its failure to convince Sabadell shareholders to back its 16.32 billion euro ($19.09 billion) hostile takeover bid, while shares in the smaller lender fell 6.5%.
Shareholders of Sabadell tendered just 25.47% of voting rights, below even the lower threshold where it could have decided to move on if it had waived the control condition.
Broker RBC said the failed attempted takeover of Sabadell "comes with some relief, not because the transaction was a bad one, but because the uncertainty overhanging both banks had lasted far too long."
($1 = 0.8550 euros)
Reporting by Jesús Aguado and Emma Pinedo; editing by David Latona
Source: Reuters