Expensive tastes

BBVA is showing traces of both Jekyll and Hyde when it comes to acquisitions. The Spanish bank walked away from Italy’s BNL because the deal wouldn’t meet strict criteria for value creation. But it’s showing a different side of its character in the US. In paying $9.6bn for Alabama-based Compass Bancshares, BBVA looks ready to pay dearly to fulfil its appetite for American assets. Compass is more expensive than might be suggested by the 8.2% premium BBVA is paying to yesterday’s closing share pr...