Spanish financial group BBVA (BBVA.ES) stock surged over 15% after the company announced that will sell its US business, BBVA USA Bancshares, to PNC Financial Services Group (PNC.US) for $11.6 billion. That's nearly half of the bank's market capitalization as of Friday's close and is one of the largest bank tie-ups since the financial crisis. In a statement, PNC said the acquisition will significantly accelerate its national expansion strategy and create nation's 5th largest bank by asset size. The deal has been approved by both companies' boards of directors, and is expected to close in mid-2021.
BBVA (BBVA .ES) stock launched today’s session sharply higher compared to Friday’s close. However buyers failed to uphold momentum and price pulled back to the major support at € 3.64. In case of a break below the aforementioned support, downward move towards €3.25 may accelerate. On the other hand, bouncing off the support may trigger another upward impulse towards resistance at €4.15.Source: xStation5
