Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 40

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 40
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 any 
 condition, BBVA may, but is not required to, withdraw the exchange offer.                                |

| • |     | If before the end of the acceptance period the CNMC has not given its express or tacit authorization to the 
 exchange offer, BBVA may, but is not required to, withdraw the exchange offer.                              |

| v. | The Portuguese antitrust authorities, in accordance with article 37 of Law 19/2012, of May 8. The Portuguese                  
 antitrust authorities authorized the economic concentration resulting from completion of the exchange offer on July 10, 2024. |

| vi. | The Moroccan antitrust authorities, in accordance with article 11.3 of Law                                                                                                          
 104-12, on free pricing and competition. The Moroccan antitrust authorities authorized the economic concentration resulting from completion of the exchange offer on July 24, 2024. |

As of the date of this offer to exchange/prospectus, BBVA has requested the corresponding authorizations from the aforementioned competent antitrust authorities. In addition, on May 28, 2024 the exchange offer was notified on a voluntary basis to the Competition and Markets Authority (the “CMA”), the UK’s antitrust authority. On June 7, 2024 the CMA confirmed that it had no further questions regarding the exchange offer. Spanish Antitrust Authorization (page 102]) As set forth under “The Exchange Offer—Conditions to Completion of the Exchange Offer”, completion of the exchange offer is conditional upon obtaining the authorization to the economic concentration resulting from completion of the exchange offer from the CNMC.

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BBVA submitted to the CNMC its request for authorization of the economic concentration resulting from completion of the exchange offer on May 31, 2024. Phase I was tolled several times as a result of information requests made by the CNMC to BBVA and other parties, including Banco Sabadell. On September 23, 2024 and October 25, 2024, BBVA submitted to the CNMC a series of measures aimed at ensuring financial inclusion, lending to SMEs and competitiveness, especially in Catalonia and the Valencian Community. A description of these commitments can be found under “The Exchange Offer—Antitrust Authorizations—Spanish Antitrust Authorization”. On November 12, 2024, the CNMC issued a decision to commence Phase II for an in-depth analysis of the impact on competition of the economic concentration resulting from completion of the exchange offer. Thereafter,