BBVA-Sabadell Is Absurdist Theater, Not a Deal: Paul J. Davies

Estragon: Nothing to be done.

Vladimir: I’m beginning to come around to that opinion…

Shareholders in BBVA SA and Banco de Sabadell SA can be forgiven for feeling like the characters in Waiting for Godot, Samuel Beckett’s absurdist masterpiece where nothing happens (twice), Estragon and Vladimir go nowhere and the most interminable bank deal ever, I mean Godot, never arrives.

BBVA, Spain’s second-biggest bank, kicked off the bid for its smaller rival in April 2024. Since then, it’s been slammed by politicians worried about jobs and cleared by regulators, but only approved by the government with awkward conditions that slow integration if the transaction goes ahead. ...