Alphavalue/DIVACONS | The European Commission announced on Thursday that it was opening infringement proceedings against Spain over the conditions imposed by the government on BBVA’s takeover bid for Banco Sabadell (SAB). Brussels specifically objects to the discretionary powers granted to the government by Spanish law to block such transactions. The EU executive considers that the scope of these powers exceeds the scope of the general interest.
BBVA: Buy, Target Price €17.1 per share.
Banco Sabadell: Add, Target Price €3.51 per share.
