France's BPCE acquires 7% stake in Spanish lender Sabadell
France's BPCE acquires 7% stake in Spanish lender Sabadell MADRID, Oct 6 (Reuters) - French banking group BPCE has acquired a stake of around 7% in Spanish lender Sabadell SABE.MC through market purchases and financial instruments, with plans to become a long-term shareholder, the two lenders said on Tuesday.
BPCE intends to seek representation on Sabadell's board and does not plan for its shareholding to exceed 9.9%, according to a joint statement.
The two companies did not disclose the value of the transaction, but at current market prices, a 7% holding in Sabadell is valued at around €1.19 billion ($1.33 billion).
($1 = 0.8917 euros)
(Reporting by Jesús Aguado; Editing by David Latona)
((jesus.aguado@thomsonreuters.com; +34 91 835 68 32; Reuters Messaging: Reuters Messaging: jesus.aguado.reuters.com@reuters.net))
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