Sabadell Boosts Payout Pledge in Fight Against BBVA Takeover

Banco Sabadell SA increased the amount of money it plans to return to shareholders as it seeks to fortify its defenses against the proposed takeover by rival BBVA SA.

Chief Executive Officer Cesar Gonzalez-Bueno pledged €2.9 billion ($3.2 billion) in payouts over this year and next, up from €2.4 billion he promised earlier this year.

Cesar Gonzalez-Bueno

Photographer: Gustavo Valiente/Europa Press/Getty Images

The new target comes roughly three months after BBVA’s takeover attempt became public. Since then, the two sides have become more and more entrenched in their respective positions, with BBVA Chairman Carlos Torres saying a combination would benefit investors and Gonzalez-Bueno saying shareholders ...