BBVA’s Torres Raises Sabadell Bid as Five-Year Chase Nears End

BBVA SA Chairman Carlos Torres raised his bid for Banco Sabadell SA after months insisting that his earlier offer was good enough.

Spain’s second-largest lender on Monday increased its bid by 10%, valuing the smaller rival at around €17 billion ($20 billion), a 1.6% premium to its market value at Friday’s close. In doing so, the 59-year-old Torres trying to avoid his fate five years ago, when he approached Sabadell unsuccessfully.

The developments mark the latest twist in a battle that’s been dragging on since May last year, when BBVA first unveiled its bid. It stuck to its offer while ...