Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 251

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 251
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 voting rights; or                                                                                   |

| • |     | acquires an additional interest in shares which enables the bidder to appoint a majority of the members of the 
 target company’s board of directors;                                                                           |

| • |     | if a bidder’s actions do not fall into the categories described above, such acquisition may qualify as an                                                                                                                              
 “a priori” or partial tender offer (i.e., in respect of less than 100% of the issued share capital of a target company), in which case such bidder would not be required to make a tender offer in respect of 100% of the issued share 
 capital of a target company;                                                                                                                                                                                                           |

| • |     | the board of directors of a target company is exempt from the rule prohibiting certain board interference with a                                                                                                          
 tender offer (the “passivity rule”), provided that (i) it has been authorized by the general shareholders’ meeting to take action or enter into a transaction which could disrupt the offer; or (ii) it has been released 
 from the passivity rule by the general shareholders’ meeting vis-à-vis bidders that are not domiciled in Spain and whose boards of directors are not subject                                                              
 to an equivalent passivity rule;                                                                                                                                                                                          |

| • |     | defensive measures included in a listed company’s bylaws and transfer and voting restrictions included in                                                                                                                               
 agreements among a listed company’s shareholders will remain in place whenever the company is the target of a tender offer unless the general shareholders’ meeting resolves otherwise (in which case any shareholders whose rights are 
 diluted or otherwise adversely affected may be entitled to compensation); and                                                                                                                                                           |

| • |     | if as a result of a tender offer in respect of 100% of the issued share capital of a target company the bidder                                                                                                                                         
 acquires an interest in shares representing at least 90% of the voting rights of the target company and the offer has been accepted by investors representing at least 90% of the voting rights of the target company (provided such voting rights are 
 distinct from those already held by the bidder), the bidder may force the holders of the remaining share capital of the company to sell their shares. The minority holders shall also have the right to force the bidder to acquire their shares under 
 these same circumstances.                                                                                                                                                                                                                              |

179

As further described below in “—Restrictions on Acquisitions of BBVA
Shares”, since BBVA is a bank, it is necessary to obtain approval from the Bank of Spain in order to acquire a number of