Spanish bank Sabadell has tapped Morgan Stanley and Goldman Sachs to advise it on options after receiving a merger offer with BBVA worth 12 billion euros ($12.83 billion), three sources familiar with the matter said Thursday.

BBVA announced this week that it had approached its competitor with a buyout offer through a share swap, nearly four years after previous talks on a merger between Spain's second- and fourth-largest banks failed.

Sabadell, Morgan Stanley and Goldman Sachs declined to comment.

(1 U.S. dollar = 0.9350 euros)

(Reporting by Jesús Aguado and Andrés González; editing by Tommy Reggiori Wilkes; Spanish edition by Benjamín Mejías Valencia)