The chairman of Spain's Sabadell, Josep Oliu, stated that BBVA must present a "very different" value proposal to address the risks and challenges posed by its hostile takeover bid. Oliu emphasized the need for transparency regarding the takeover, allowing shareholders to make informed decisions about tendering their shares.

"A very different value proposal to the one rejected by the board would be needed to compensate for all the risks and difficulties that this operation poses," Oliu explained to shareholders during a meeting in Barcelona.

BBVA recently launched a bid exceeding 12 billion euros for all of Sabadell's shares, which Sabadell's board previously deemed significantly undervalued its potential and growth prospects. Oliu cautioned that if BBVA's current offer succeeds, it could result in a substantial loss of customers, business, and shareholder value, ultimately leading to negative revenue synergies.

Sabadell has also expressed concerns about the potential adverse effects of the deal on lending to small and medium-sized enterprises.