MADRID (Reuters) -Spanish bank BBVA has changed its tender bid for the smaller rival Sabadell by reducing the minimum acceptance condition from its previous offer, the lender said in a regulatory filing on Thursday.

BBVA's offer now targets the number of shares that would allow BBVA to acquire at least more than half of Sabadell's effective voting rights at the end of the acceptance period, instead of the previous 50.1% of share capital.

The amended offer excludes Sabadell's treasury shares, although BBVA added that if the deal was successful, it would seek their redemption at its first shareholders' meeting, "reducing the share capital and locking up those shares in the meantime".

BBVA, which made a bid for Sabadell last April and went hostile in May, is working on concessions after Spain's competition watchdog said that its bid, initially valued at 12.28 billion euros ($13 billion), must undergo a longer review.

Combining the two lenders would create a bank with more than 1 trillion euros ($1.04 trillion) in total assets and mark the latest consolidation move in Spain's banking industry.

Spain's second-largest bank already secured clearance from the European Central Bank and authorities in several countries where Sabadell has a presence, including Britain, the United States, France, Portugal, Morocco and Mexico.

The acquisition, which the Spanish government opposes, also requires authorisation from Spain's stock market supervisor.

Sabadell rejected the all-share offer in May, prompting BBVA to go hostile in a second attempt to buy the country's fourth-largest lender, after a failed 2020 bid.

(Reporting by David Latona and Emma Pinedo; Editing by Andrei Khalip)