Spanish bank BBVA has launched a hostile $13.1 billion all-share takeover bid for its smaller rival Sabadell, directly appealing to Sabadell's shareholders after the board rejected the same terms earlier. This move by BBVA comes despite the Spanish government's opposition to the deal, with a top official stating that the government has the final say in approving any such transaction. The government's stance adds a layer of complexity to the already contentious bid, which has also been criticized for its timing and potential lack of substantial reward.