BARCELONA, Sept 17 Reuters Spanish bank BBVA has no intention of increasing its offer for smaller rival Sabadell, Chairman Carlos Torres said on Tuesday.

The current offer is very attractive and will convince Sabadell39;s shareholders, Torres said at a university alumni event held in Barcelona.

In April, BBVA launched a 12 billion euro 13.4 billion bid for all Sabadell shares, which turned hostile in May. It was met by opposition from the Spanish government but was given the green light by the European Central Bank on Sept. 5.

Under Spanish law, the government cannot stop the takeover bid but has the final word on allowing a merger between the two entities. The acquisition must also be authorised by Spain39;s stock market supervisor and its antitrust watchdog CNMC.

Torres does not anticipate opposition from CNMC. We do not see this operation will have any competition problem, he said.

Sabadells vice president Pedro Fontana, who was in the audience, declined to discuss Torres39; comments.

On Monday, the head of Sabadell, Cesar GonzalezBueno, said the takeover39;s success was very unlikely.

Asked about why the BBVA share price has fallen since the bid was launched, while Sabadell39;s has risen, Torres said the two shares are intertwined. Banco Sabadell39;s share price is very supported by the offer we have put on the table, he said.

Reporting by Joan Faus and Inti Landauro; editing by Jason Neely and David Evans

Source Reuters