Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 17

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 17
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 of this offer to exchange/prospectus, conditions (i) and (iii) above remain outstanding. BBVA does not intend to waive condition (i) above. Consequently, if a number of Banco Sabadell shares that permits BBVA to acquire at least more than half of the voting rights of the Banco Sabadell shares outstanding at the end of the acceptance period (thus, excluding any treasury shares held by Banco Sabadell as of that time) does not accept the exchange offer before the end of the acceptance period, the exchange offer will not be completed. Condition (iii) above is discussed in the immediately following questions.

| Q. | What is the current status of the review by the CNMC of the economic concentration resulting 
 from completion of the exchange offer?                                                       |

| Q. | Once the CNMC issues a decision with respect to the economic concentration resulting from completion of the 
 exchange offer, will such decision be immediately effective?                                                |

| A. | It depends. According to Law 15/2007, of July 3, on the defense of competition (the “Spanish Competition                                                                                                                                           
 Law”), the CNMC may (i) approve the economic concentration resulting from completion of the exchange offer without conditions, (ii) approve the economic concentration resulting from completion of the exchange offer subject to conditions,      
 including any remedies or commitments proposed by BBVA to address any competition concerns identified by the CNMC or different conditions imposed by the CNMC itself, or (iii) declare the economic concentration resulting from completion of the 
 exchange offer inappropriate.                                                                                                                                                                                                                      |

In the case of (i) above, the CNMC resolution will be immediately effective and the related offer condition will be satisfied. In the case of (ii) and (iii) above, the CNMC’s resolution will be communicated to the Spanish Minister of Economy, Trade and Business and it will not be effective (i) until a 15-business-day period lapses without a referral by the Spanish Minister of Economy, Trade and Business to the Council of Ministers for review on the basis of general public interest or (ii) if such a referral is made, until the Council of Ministers issues a decision or a subsequent one-month period lapses without a decision from the Council of Ministers.

| Q. | Do I need to do anything if I want to retain my Banco Sabadell shares? |

| A. | No. If you want to retain your Banco Sabadell shares, you do not need to take any action. |

| Q