Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 170

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 170
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 will be automatically delisted from the Spanish Stock Exchanges.

The execution of the squeeze-out transaction resulting from the exercise of the aforementioned right
shall give rise, in accordance with article 48 of the Spanish Takeover Regulation and related provisions, to the delisting of the shares of Banco Sabadell from the Spanish Stock Exchanges. Such delisting shall be effective as from the settlement of
the squeeze-out transaction.

Notwithstanding the above, if the exchange offer is completed,
regardless of the percentage of Banco Sabadell shares acquired by BBVA pursuant to the exchange offer, BBVA intends to promote, after the settlement of the exchange offer, and irrespective of whether the thresholds provided for in articles 116 of
the Spanish Securities Market Law and 47 of the Spanish Takeover Regulation for the exercise of the right of squeeze-out are met, subject to market conditions or other circumstances making it inadvisable to
carry out such merger process or carry out such merger process on such terms, a merger by absorption of Banco Sabadell by BBVA, with an exchange ratio equivalent, as far as possible, to the consideration offered in the exchange offer.

The exchange ratio of any such merger must be validated, on the basis of the fair value of the equity of the entities participating in the
merger, by an independent expert appointed for such purpose by the relevant commercial registry, in accordance with applicable Spanish law. Pursuant to Spanish law, the directors of each of the merging companies must apply to the commercial
registrar corresponding to their registered office (the Commercial Registry of Bizkaia, in the case of BBVA, and the Commercial Registry of Alicante, in the case of Banco Sabadell) for the appointment of an independent expert to issue separate
reports on the proposed merger or the directors of the merging companies may decide to jointly request that the commercial registrar of the absorbing company (i.e., the Commercial Registry of Bizkaia, as BBVA would be the absorbing company) appoint
a single expert to prepare a single report. Given that following completion of the exchange offer, BBVA will be able to appoint the majority of the members of the board of directors of Banco Sabadell, BBVA expects to have a single independent expert
appointed for the validation of the exchange ratio.

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In its report, the independent expert must, in particular, explain the methods followed by the directors to establish the exchange ratio, assess the appropriateness of such methods (stating the values to which they lead, the relative