MADRID (Reuters) -Spain’s BBVA on Monday formally launched the 14.8 billion euros ($17.34 billion) hostile takeover bid for smaller rival Sabadell which starts the deal’s acceptance period.

Combining the two lenders would create the second largest Spanish bank in terms of domestic assets worth around 1 trillion euros, behind Caixabank.

Sabadell shareholders will have until October 7 to tender their shares, according to the expected calendar, with the results of the offer expected by October 14.

BBVA now offers one newly issued ordinary share and 0.70 euros in cash for every 5.5483 ordinary Sabadell share, or about 14.76 billion euros for the entire Sabadell, according to Reuters calculations, based on Friday’s closing prices.

Judging by the performance of both banks’ shares since the b

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