Spain’s BBVA seeks ECB go-ahead for Sabadell hostile bid, source says

LONDON, June 4 (Reuters) – Spain’s BBVA (BBVA.MC), opens new tab asked the European Central Bank on Tuesday to authorize its more than 12 billion euro ($13 billion) hostile bid for Sabadell (SABE.MC), opens new tab, a source close to BBVA said.

BBVA’s all-share offer was rejected by Sabadell last month, prompting Spain’s second-largest bank to go hostile in its latest attempt to buy its smaller rival, which is the country’s fourth-largest lender and also owns Britain’s TSB