Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 167

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 167
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4. Conditions to Completion of the Exchange Offer In accordance with the provisions of articles 13 and 26 of the Spanish Takeover Regulation, completion of the exchange offer is subject to the fulfillment of the following conditions:

| i. | In accordance with the provisions of article 13.2.b) of the Spanish Takeover Regulation, the Minimum Acceptance 
 Condition.                                                                                                      |

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For the exchange offer to be completed, each of these conditions must be satisfied or waived as of the end of the acceptance period. See “The Exchange Offer—Extension, Termination and Amendment”. As of the date of this offer to exchange/prospectus, the Minimum Acceptance Condition is the only condition pending satisfaction or waiver. As a result, if the number of Banco Sabadell shares that permits BBVA to acquire at least more than half of the voting rights of the Banco Sabadell shares at the end of the acceptance period (excluding any treasury shares held by Banco Sabadell as of that time) do not accept the exchange offer before the end of the acceptance period, and BBVA does not waive the Minimum Acceptance Condition, the exchange offer will not be completed. As of the date of this offer to exchange/prospectus, BBVA does not intend to waive the Minimum Acceptance Condition. Any decision to waive the Minimum Acceptance Condition would be based on, among other factors, the number of Banco Sabadell shares tendered in the exchange offer and not withdrawn, the price per Banco Sabadell share that BBVA would be required to offer in any subsequent Mandatory Tender Offer, business developments, macroeconomic developments and conditions, and prevailing market conditions. BBVA has undertaken not to waive the Minimum Acceptance Condition if the number of Banco Sabadell shares tendered and not withdrawn in the exchange offer would not permit BBVA to acquire at least 30% of the voting rights of the Banco Sabadell shares (excluding any treasury shares held by Banco Sabadell as of that time). If the Minimum Acceptance Condition is waived, pursuant to the Spanish Takeover Regulation, BBVA would be required within one month following completion of the exchange offer to request CNMV authorization to launch a Mandatory Tender Offer. Additionally, BBVA may not have control of Banco Sabadell immediately following completion of the exchange offer. See “Risk Factors—Completion of the exchange offer is subject to the Minimum Acceptance Condition. If such condition is not satisfied or waived, the exchange offer will not be completed. If BBVA waives the Minimum