Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 23

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 23
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 have approved the majority of the board of directors of Banco Sabadell, and thereby control Banco Sabadell, with less than 50% of Banco Sabadell’s voting rights. If this were the case, BBVA would control Banco Sabadell in, effectively, the same way as it would with greater than 50% of Banco Sabadell’s voting rights. However, there is no assurance that BBVA will be able to nominate and have approved the majority of the board of directors of Banco Sabadell if the exchange offer is completed following the waiver of the Minimum Acceptance Condition. Additionally, even if control can be established initially with less than 50% of Banco Sabadell’s voting rights, changes in participation in general shareholders’ meetings and changes in Banco Sabadell’s shareholder base could eventually preclude BBVA from controlling Banco Sabadell with less than 50% of Banco Sabadell’s voting rights. If BBVA does not hold at least 50% of Banco Sabadell’s voting rights, then, theoretically, another Banco Sabadell shareholder or a group of shareholders acting in concert could acquire over time more voting rights than BBVA and thereby deprive BBVA of control of Banco Sabadell, although a shareholder or group of shareholders seeking to acquire such a significant stake in Banco Sabadell would face significant hurdles (including requirements to obtain authorizations from the CNMV, the CNMC and the ECB, to launch a mandatory tender offer and to obtain other regulatory and antitrust approvals). As a result of the foregoing, controlling Banco Sabadell with less than 50% of Banco Sabadell’s voting rights is different from controlling Banco Sabadell with more than 50% of Banco Sabadell’s voting rights. BBVA can provide no assurance that it would be able to control Banco Sabadell with less than 50% of Banco Sabadell’s voting rights.

| Q. | What happens if BBVA does not control Banco Sabadell immediately following completion of the exchange offer? |

| A. | If BBVA does not control Banco Sabadell immediately following completion of the exchange offer, it is possible                                                                                                                                         
 that BBVA will subsequently obtain control of Banco Sabadell as a result of a Mandatory Tender Offer. In addition, following a Mandatory Tender Offer, BBVA will be permitted under Spanish law to acquire any untendered Banco Sabadell shares in the 
 open market or otherwise in an unlimited amount and without giving rise to any obligation to