BBVA and Sabadell lock horns over bid take-up as Zurich rejects offer

Core Viewpoint - Zurich Insurance, Sabadell's second-largest investor, announced it would not support BBVA's hostile bid for the Spanish bank, intensifying the ongoing conflict between the two financial institutions [1] Group 1: Company Actions - Zurich Insurance's decision reflects its stance against BBVA's acquisition attempt, indicating a potential lack of consensus among major stakeholders regarding the bid [1] - The escalation of verbal exchanges between BBVA and Sabadell suggests a deepening rivalry in the Spanish banking sector [1] Group 2: Market Implications - The rejection of the bid by a significant investor like Zurich Insurance may impact BBVA's strategy and future attempts at acquisitions in the market [1] - The situation highlights the competitive landscape within the Spanish banking industry, where investor support plays a crucial role in merger and acquisition activities [1]