BBVA takeover bid for Banc Sabadell

Spain's CNMV extends acceptance period to October 10, while Catalan bank leader says it's "not enough"

Basque bank offers one BBVA share per each 4.8376 shares of Banc Sabadell

Catalan bank CEO says investors see Basque entity's offer as 'worthless' and that none of the bank's retail shareholders have accepted it

Catalan bank says current offer 'destroys' shareholder value and rests on 'unrealistic assumptions'

Announcement arrives after US Securities and Exchange Commission greenlights takeover bid with at least 30% of shares

Basque bank receives green-light from US Securities and Exchange Commission

Catalan bank understands financial operation "complicates" acquisition by Basque bank and praises sale of British subsidiary

Bank believes acquisition generates value despite Spanish government's three-year delay imposed on merger

Acquisition approved under stricter conditions, raising doubts about its feasibility

The two banks will have to maintain separate legal identities, assets, and autonomous management for three years

Decision made ahead of Economy Minister's appearance on possible government action over takeover bid