By Olivia Bugault 
 

Banco de Sabadell SA said Friday that its board of directors has decided to terminate talks with Banco Bilbao Vizcaya Argentaria SA over a potential merger.

The board's decision is due to the fact that "the parties have not achieved an agreement on the exchange ratio of both entities," the Spanish bank said.

On Nov. 16, BBVA had announced that it was in discussions with its Spanish peer and that the pair had started a due-diligence process and appointed external advisors.

 

Write to Olivia Bugault at olivia.bugault@wsj.com

 

(END) Dow Jones Newswires

November 27, 2020 01:15 ET (06:15 GMT)

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