BPCE Buys 7 Percent Stake in Sabadell
France's BPCE has acquired a 7 percent stake in Spanish lender Sabadell in a friendly move designed to bolster defences against hostile takeover bids. The two banks also plan to explore potential areas for future business cooperation.
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France-based Groupe BPCE has acquired a 7% stake in BANCO DE SABADELL SA valued at €1.2B to build a long-term position. The purchase fortifies the lender's defenses following a prior hostile takeover attempt. European banking consolidation continues to accelerate as cross-border activity reshapes the sector.
