Spain’s second-largest bank is edging closer to creating Europe’s third-largest lender by market value, behind only HSBC and Santander. BBVA has raised its hostile takeover offer for Banco Sabadell by 10% to €17 billion (about $20 billion). The revised allshare proposal—one BBVA share for every 4.8376 Sabadell shares—would eliminate the earlier cash component. The silver lining is that if more than half of Sabadell’s shareholders accept the deal, they won’t have to pay capital gains tax right