Earlier this week, Sabadell rejected an offer for €12 billion from BBVA. The move has sent a shock through the Spanish financial ecosystem, with no Spanish banks having attempted a hostile takeover in decades.

Josep Oliu, chair of Sabadell, accused BBVA of violating Spain’s tender offer rules, and the government of Madrid has responded negatively to the takeover. However, chair of BBVA Carlos Torres does not appear to be backing down, as he is pushing the deal forward in a plea to regulators.

On Thursday BBVA shares dropped 6%, and Banco Sabadell’s rose more than 3%. Since talks of a takeover in 2020, shares of Sabadell have increased five times over, and BBVA’s have risen 160%.

Torres and Oliu previously went head to head in 2020, where BBVA failed to acquire Sabadell in negotiations. CEO of Sabadell and the BBVA CFO reportedly cancelled meeting in London this week and returned to Madrid.