Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 173

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 173
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 however, have been made prior to the submission by BBVA to the Ministry of
Economy, Trade and Business of a written application for approval of the intended merger, and therefore prior to the issuance by the ECB, the CNMV, the SEPBLAC and the DGSFP of their reports with respect to the merger and prior to the technical
review and analysis of the intended merger by the Ministry of Economy, Trade and Business’ professional staff.

BBVA expects that the
ECB, the CNMV, the SEPBLAC and the DGSFP will issue reports without objections in connection with the intended merger, in part because these authorities will at such time already have issued relevant approvals in connection with the exchange offer.
Further, BBVA is not aware of any Spanish precedent transaction where the authorization of a merger following the acquisition of control of a credit institution, as contemplated by this offer to exchange/prospectus, has not been granted by the
Spanish Minister of Economy, Trade and Business. Such authorization was granted, for example, in the case of the merger of CaixaBank and Bankia and the merger of Unicaja Banco and Liberbank.

While it is BBVA’s intention to effect a merger by absorption, BBVA is not obligated or may be unable to consummate such a merger
following completion of the exchange offer or may decide not to consummate it on the same terms as the exchange offer. As noted above, BBVA’s intention is to apply in any such merger an exchange ratio equivalent, as far as possible, to the
consideration offered in the exchange offer. However, the exchange ratio applicable in any such merger must be validated by an independent expert and may ultimately differ from the consideration offered in the exchange offer. Further, any such
merger would need BBVA’s and Banco Sabadell’s respective boards of directors to formulate a joint merger plan, which would need to be approved by BBVA’s and Banco Sabadell’s respective shareholders. The consummation of the merger
would require the prior authorization of the Spanish Minister of Economy, Trade and Business, following the issuance of related reports by certain regulators and authorities that will have previously issued favorable opinions with respect to the
exchange offer. If any of the foregoing corporate approvals or the authorization from the Economy, Trade and Business’ Minister is not obtained, the merger will not be consummated. For further information regarding BBVA’s plans with
respect to Banco Sabadell if the intended merger is not consummated for any reason,