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BBVA launches hostile bid for Sabadell

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BBVA launches hostile bid for Sabadell

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Spanish bank BBVA has launched a hostile offer for Banco Sabadell after the board of its domestic rival rejected an approach.

BBVA took its all-share offer directly to Sabadell’s shareholders on Thursday, less than a week after the target’s board said the bid had “significantly undervalued” the bank and its prospects.

The initial takeover offer, made last week, valued Sabadell at €12bn, but that price has since fallen as BBVA shares have declined.

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The increasingly fractious spat between the banks is rare in Spain, a country unaccustomed to hostile bids. The country has seen more than 20 in the past three decades but most have failed.

BBVA’s decision to go hostile triggered a sharp rebuke from the Spanish government.

“The government rejects BBVA’s decision to launch a hostile takeover bid for Sabadell, both in form and in substance,” said a government official, warning of “potentially damaging effects on the Spanish financial system”.

Shares in BBVA fell a further 5 per cent in early trading on Thursday, a drop that left the offer valuing each Sabadell share at €2.02 and the bank at €10.94bn. Shares in Sabadell climbed 4.5 per cent.

Under the terms of the bid, BBVA is offering one newly issued share for every 4.83 Sabadell shares.

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“We are presenting to Banco Sabadell’s shareholders an extraordinarily attractive offer to create a bank with greater scale in one of our most important markets,” BBVA chair Carlos Torres said, as the lender launched its tender offer for Sabadell shares.

Sabadell board’s rejected the bid on Monday, saying it “significantly undervalued” its growth prospects.

Sabadell on Wednesday took the unusual step of publishing a private email sent on Sunday by Torres to its chair Josep Oliu in which BBVA indicated it would not increase its bid. “I consider that it is very important that your board of directors knows that BBVA has no room to improve its economic terms,” Torres wrote.

The deal would bring together the third- and fourth-largest banks in the Spanish market, creating a lender with the biggest domestic balance sheet. Sabadell also owns UK lender TSB.

The two banks attempted to strike a deal four years ago at the height of the pandemic, but merger talks broke down after two weeks following disagreements over pricing.

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Philadelphia snow updates: Latest forecast, storm timing, travel impact and more

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Philadelphia snow updates: Latest forecast, storm timing, travel impact and more

For those who must travel, here’s how to best prepare for winter driving, and what to keep in your car.

 

School closures and flexible instruction

Philadelphia public schools

The School District of Philadelphia will be closed on Monday because of the storm. Charged Chromebooks were sent home with students on Friday. The district will shift to virtual learning as needed during the remainder of the week.

Philly archdiocesan schools

Archdiocesan high school and parochial elementary schools will utilize “Flexible Instruction Days. Students and parents should refer to their local school website for further details, per the Archdiocese of Philadelphia.

How is travel impacted?

The National Weather Service says to expect widespread road closures and significant delays on major interstates. Vehicle restrictions are in place across Pennsylvania and New Jersey.

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In Delaware, Level 2 driving restrictions are in effect for New Castle and Kent counties, per Gov. Matt Meyer.

Under such restrictions, only essential workers, including snowplow operators, may drive on Delaware roadways.

PennDOT, PA Turnpike

PennDOT has reduced speed limits to 45 mph on the following highways:

  • Interstates 76, 95, 295, 476, 676
  • U.S. Routes 1, 30, 202, 422
  • State Routes 63, 100 Spur and 309

Tier 4 vehicle restrictions are in place for all Pennsylvania interstates, the PA Turnpike and its extensions, along with several other major roadways.

When such restrictions are in place, no commercial vehicles, school buses, motor coaches, motorcycles, RVs/motorhomes or passenger vehicles (cars, SUVs, pickup trucks, etc.) towing trailers are permitted on affected roadways.

SEPTA

SEPTA has suspended all Regional Rail, bus and Metro Route G1 service.

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T1 service is suspended, and the remaining T lines have reduced service. Subway routes L, B, D and M will continue to run.

SEPTA advised riders to check alerts at SEPTA.org or the SEPTA app before heading out. Riders are told to expect delays.

NJ Transit

Bus, light rail and Access Link services are temporarily suspended on NJ Transit.

Rail service will be suspended at 2 p.m. Rail customers will need to be on trains that get them to their final destination at or prior to 2 p.m. Sunday.

Service will resume as conditions allow. Riders may monitor the latest NJ Transit service updates online.

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PATCO

PATCO will operate on modified schedules through Monday.

Trains will operate with the same frequency on Sunday, with service every 30 minutes, but travel times will be adjusted for slower operating speeds due to the weather and may take up to 30 minutes longer than usual.

On Monday, trains will operate every 15-20 minutes for most of the day. Travel times will similarly be adjusted for slower operating speeds due to the weather and may take up to 10 minutes longer than usual.

“Teams will be working around the clock at stations to clear walkways, platforms, and parking areas for riders,” the transit line said.

Riders are encouraged to sign up for PATCO alerts for service updates.

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PHL

Across the U.S., more than 13,500 flights have been canceled since Saturday, according to flight-tracking site FlightAware. That puts Sunday on track to become the highest cancellation event since the pandemic, with over 29% of U.S. departing flights canceled, per aviation analytics company Cirium.

Most airlines have canceled Sunday flights from Philadelphia International Airport, PHL posted on social media. PHL has already canceled at least 60 flights scheduled for Monday. Passengers should confirm flight status directly with their airline.

ABE

Lehigh Valley International Airport is currently closed, with all Sunday flights canceled. Travelers are encouraged to check with their airline for further delays or cancellations that may impact flights scheduled for Monday.

City services impact, from trash collection and courts to ice-skating rinks

  • Trash and recycling
    • Collection will be suspended Monday and collection for the remainder of the week will be pushed back a day.
    • Second trash collection will be suspended for the week in neighborhoods that typically receive it.
    • Residents may still drop off trash at one of the city’s sanitation convenience centers Monday through Saturday from 8 a.m. to 6 p.m.
  • Courts: All cases scheduled for Monday will be rescheduled, with the exception of Orphans’ Court, which will proceed virtually.
  • Jury duty: Those summoned for jury duty Monday are excused and do not need to report for duty.
  • Prisons: In-person visits will be canceled at Philadelphia Department of Prisons facilities
  • Critical services: Preliminary Arraignment Court, OJR bail acceptance and filings of emergency abuse protection petitions at the Stout Center for Criminal Justice are expected to remain operational.
  • Administrative buildings: All city administrative office buildings will be closed to the public, including nonessential residential services.
  • Health centers: All Philadelphia Department of Public Health centers will be closed on Monday. Patients with Monday appointments will be contacted to reschedule.

When will my street be plowed?

Residents can track Philadelphia’s snowplow operations online through PlowPHL.

Safety information

What renters, homeowners and business owners need to know about shoveling

Unless you live in an apartment building or multifamily dwelling, you are responsible for clearing the sidewalk of snow and ice outside your home. That includes both renters and homeowners.

Once snow has stopped falling, all sidewalks — including curb cuts — must be shoveled within six hours. Corner property owners are also responsible for clearing ramps as an extension of their sidewalk.

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Pathways should be clear at least 3 feet, unless the pathway is smaller than that, in which case only 1 foot should be cleared. Snow or ice removed from sidewalks cannot be dumped into the street; instead, push toward your building.

The same rule applies to business owners, even if an establishment is temporarily closed due to the snow. Businesses that violate this code face a fine of $1,000 or more.

Residents may report a sidewalk that has not been cleared by calling 311 or submitting a report through the city’s 311 portal.

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Timeline: How the Shooting of Alex Jeffrey Pretti Unfolded

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Timeline: How the Shooting of Alex Jeffrey Pretti Unfolded

Federal agents shot and killed a 37-year-old Minneapolis resident, Alex Jeffrey Pretti, at about 9 a.m. Central time on Saturday morning. A video shared with The New York Times by an eyewitness and her lawyer, as well as other video footage posted on social media, documents the violent scene, where agents appear to fire at least 10 shots in a span of only five seconds.

The footage seems to contradict the Department of Homeland Security’s account of the event, which the agency said began after the victim approached the federal agents with a handgun and the intent to “massacre” them.

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48 seconds before shooting

Still from video shared with The Times. The New York Times

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Videos show a small group of civilians standing in the middle of a street where a person has recently been detained on the ground; the civilians are speaking to federal agents. Mr. Pretti appears to be filming the scene, and he walks closer to the federal agents while holding his phone.

25 seconds before

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Still from video by Philophon via Reddit. The New York Times

Leading up to this moment, one agent shoved two people away from a D.H.S. vehicle and into the street. Mr. Pretti attempted to put himself between the D.H.S. agent and the two civilians, and the agent pushed one of them to the ground. The video shows the same agent squirting pepper spray in the direction of Mr. Pretti’s face. (This agent will later fire shots at Mr. Pretti.)

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Mr. Pretti is holding his phone in one hand, and he holds his other hand up to protect against the spray.

17 seconds before

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Still from video by witness shared with The Times. The New York Times

Several agents grab at Mr. Pretti, who is still holding his phone. Additional agents approach and attempt to pin Mr. Pretti to the ground.

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11 seconds before

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Still from video by Philophon via Reddit. The New York Times

Mr. Pretti is surrounded by a group of seven agents, some of whom have wrestled him to the ground. One of the agents, who wears a gray coat, begins to approach the fray with empty hands and grabs at Mr. Pretti, while the other agents hold him down on his knees. At the same time, another agent strikes Mr. Pretti repeatedly with a pepper spray canister.

1 second before

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Still from video shared with The Times. The New York Times

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The agent in the gray coat appears to pull a gun from near Mr. Pretti’s right hip. He then begins to move away from the skirmish with the recovered weapon.

At the same time, another agent unholsters his firearm and points it at Mr. Pretti’s back.

First shot fired

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Still from witness video via Associated Press. The New York Times

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The agent in the gray coat removes the weapon, which matches the profile of a gun D.H.S. says belonged to Mr. Pretti, from the scene. Then, while Mr. Pretti is on his knees and restrained, the agent standing directly above him appears to fire one shot at Mr. Pretti at close range. He immediately fires three additional shots.

Additional shots fired

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Still from video shared with The Times. The New York Times

Several agents have moved away from Mr. Pretti, who has collapsed. Another agent — the same one who shoved the civilians into the street and pepper-sprayed Mr. Pretti — unholsters his gun and fires at Mr. Pretti. The first agent also fires additional shots. Together, they fire six more shots at Mr. Pretti while he lies motionless on the ground.

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At least 10 shots appear to have been fired within five seconds. By the moment of the 10th shot, the agent who had moved away with the recovered weapon has crossed the street.

Mr. Pretti is the second person to have been shot and killed by a federal agent in Minnesota in recent weeks. Footage of Mr. Pretti’s death in Minneapolis was posted to social media almost immediately after the shooting.

The Homeland Security Department said that the episode began after a man approached Border Patrol agents with a handgun, and that an agent fired “defensive shots.” Another incident in Minneapolis this month, in which a Venezuelan man was shot in the leg by a federal agent, was also characterized as “defensive” by the department.

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Gov. Tim Walz of Minnesota disputed the claims by federal officials that Mr. Pretti had posed a threat. He accused “the most powerful people in the federal government” of “spinning stories and putting up pictures.”

Brian O’Hara, the chief of the Minneapolis Police Department, said that Mr. Pretti was an American citizen with no criminal record, and that he had a valid firearms permit. Under Minnesota law, citizens can legally carry a handgun in public, without concealment, if they have a permit.

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Large crowds of protesters continued to gather throughout the day at the site of Mr. Pretti’s shooting. Later in the day, Mr. Walz authorized the deployment of the Minnesota National Guard, who will wear neon reflective vests to differentiate themselves from federal agents.

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Man shot dead by federal immigration officers in Minneapolis

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Man shot dead by federal immigration officers in Minneapolis

ICE and federal agents face off with Minneapolis residents and protesters following the fatal shooting of a local resident earlier in the day near Nicollet Avenue and West 26th Street in south Minneapolis, Minnesota, Jan. 24, 2026.

Erin Trieb for NPR


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Erin Trieb for NPR

A man shot Saturday morning by federal immigration officers in Minneapolis has died, federal and local officials said.

The man was identified by state officials as Alex Jeffrey Pretti, a 37-year-old ICU nurse and Minneapolis resident.

The incident marks the third shooting involving federal immigration agents in Minneapolis this month.

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“Today, federal agents beat and then shot multiple times and killed 37-year-old Alex Jeffrey Pretti, a U.S. citizen, a Minneapolis resident, and a V.A. nurse,” U.S. Sen. Tina Smith said in a news conference this afternoon. “Eyewitness video shows, once again, reckless, violent, and dangerous federal agents taking the life of a Minnesotan.”

ICE and federal agents face off with Minneapolis residents and protesters following the fatal shooting of a local resident earlier in the day near Nicollet Avenue and West 26th Street in south Minneapolis, Minnesota, Jan. 24, 2026. Photographed by Erin Trieb for NPR.

ICE and federal agents face off with Minneapolis residents and protesters following the fatal shooting of a local resident earlier in the day near Nicollet Avenue and West 26th Street in south Minneapolis, Jan. 24, 2026.

Erin Trieb for NPR


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Erin Trieb for NPR

ICE and federal agents face off with Minneapolis residents and protesters following the fatal shooting of a local resident earlier in the day near Nicollet Avenue and West 26th Street in south Minneapolis, Minnesota, Jan. 24, 2026. Photographed by Erin Trieb for NPR.

ICE and federal agents face off with Minneapolis residents and protesters following the fatal shooting of a local resident earlier in the day in south Minneapolis, Jan. 24, 2026.

Erin Trieb for NPR


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Erin Trieb for NPR

Minneapolis Mayor Jacob Frey said he intends to seek a temporary restraining order from a judge on Monday that would immediately stop the Trump administration’s immigration crackdown. Earlier this month, an agent with Immigration and Customs Enforcement shot and killed Renee Macklin Good, another 37-year-old Minneapolis resident and mother of three.

The shooting occurred shortly after 9 a.m. Central Time on the city’s South Side when federal law enforcement officers were conducting a targeted operation against a man the Department of Homeland Security said was undocumented and wanted for “violent assault.”

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Gregory Bovino, head of U.S. Border Patrol, said a different man — the one who was fatally shot — approached Border Patrol agents with a 9mm semi-automatic handgun. Bovino said agents attempted to disarm the man, but he “violently resisted.” The agent shot and killed the man in self-defense, according to Bovino.

“This looks like a situation where an individual wanted to do maximum damage and massacre law enforcement,” the Department of Homeland Security said in a social media post.

ICE and federal agents face off with Minneapolis residents and protesters following the fatal shooting of a local resident earlier in the day near Nicollet Avenue and West 26th Street in south Minneapolis, Minnesota, Jan. 24, 2026. Photographed by Erin Trieb for NPR.

ICE and federal agents face off with Minneapolis residents and protesters following the fatal shooting of a local resident earlier in the day on Jan. 24, 2026.

Erin Trieb for NPR


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Erin Trieb for NPR

ICE and federal agents face off with Minneapolis residents and protesters following the fatal shooting of a local resident earlier in the day near Nicollet Avenue and West 26th Street in south Minneapolis, Minnesota, Jan. 24, 2026. Photographed by Erin Trieb for NPR.

Minneapolis residents and protesters gathered following the fatal shooting of a local resident earlier in the day in south Minneapolis, Jan. 24, 2026.

Erin Trieb for NPR


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Erin Trieb for NPR

Bystander video, posted to social media and not independently confirmed by NPR, appears to contradict DHS’ account of the shooting. The footage appears to show multiple federal agents surrounding a man on the ground, with several punching him and trying to restrain him before an agent shoots him. It’s unclear whether the man brandished or tried to use the firearm that federal officials said he had in his possession.

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Minneapolis Police Chief Brian O’Hara said at a news conference Saturday afternoon that Pretti’s only known interaction with police was for traffic tickets.

“We believe he is a lawful gun owner with a permit to carry,” O’Hara said.

Pretti was shot multiple times, possibly by more than one federal officer, O’Hara said. He was taken to Hennepin County Medical Center where he was pronounced dead.

“We were not provided any public safety statement around the incident…” he said.

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Bovino said the officer who fired the shots was “highly trained” and has worked as a Border Patrol agent for the last eight years. He said the shooting remains under investigation.

Macklin Good was fatally shot on Jan. 7 in her SUV as she drove away after partially blocking a Minneapolis street.

Protesters respond at the site where a federal agent shot and killed a man in Minneapolis on Saturday morning. Jan. 24, 2026 Zaydee Sanchez for NPR

Protesters respond at the site where a federal agent shot and killed a man in Minneapolis on Jan. 24, 2026

Zaydee Sanchez for NPR


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Protesters respond at the site where a federal agent shot and killed a man in Minneapolis on Saturday morning. Jan. 24, 2026 Zaydee Sanchez for NPR

Protesters respond at the site where a federal agent shot and killed a man in Minneapolis on Jan. 24, 2026.

ZAYDEE SANCHEZ


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ZAYDEE SANCHEZ

On Jan. 14, Julio Cesar Sosa-Celia, a Venezuelan national, was shot in the leg by immigration officers during an altercation with those agents.

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“Minnesota has had it,” Gov. Tim Walz posted on social media this morning. “This is sickening.”

Walz post that he spoke with someone from the White House after the shooting and called on President Trump to end the immigration operation immediately.

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