11 days after BBVA and Sabadell announced that they were opening official talks to merge, the two entities have broken the negotiations that were held until the early hours of this Friday. The reaction of the Stock Exchange has been clear at the opening of the day: the Sabadell has set a first price at 0.33 euros, which represents a fall of 18% while it was inhibited from trading. After starting to fluctuate, it was down 12%. For their part, BBVA shares started falling, but soon turned green with a rise of 2%, to 3.84 euros. Without reaching the end of the technical analysis ( due diligence), Sabadell considered that the price that BBVA was willing to pay did not value the potential of its business and the loss of independence that the sale entailed. "Banco Sabadell has decided to end these talks as the parties have not reached an agreement on the eventual exchange ratio of the shares of both entities," as the bank notified the National Securities Market Commission (CNMV) this Friday.