Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 149

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 149
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 consulted with BBVA’s management and its financial and legal advisors and considered a variety of factors, including, among others, the material factors described below. BBVA, following consideration and analysis by its board of directors, subsequently decided not to withdraw the exchange offer as a result of the Council of Ministers’ Authorization and the authorization of the TSB Sale and the approval of the payment of the TSB Sale Dividend by Banco Sabadell’s respective extraordinary general shareholders’ meetings. See “Background of the Exchange Offer”. This summary of BBVA’s reasons for undertaking the exchange offer and the synergies and other information presented in this section are forward-looking statements and, therefore, should be read in light of the factors discussed under “Cautionary Statement Regarding Forward-Looking Statements” in this offer to exchange/prospectus beginning on page 24 and the risks and uncertainties discussed under “Risk Factors” in this offer to exchange/prospectus beginning on page 42. This summary of BBVA’s reasons for undertaking the exchange offer and the synergies and the other information presented in this section has been prepared without access to non-public information relating to Banco Sabadell and on the basis of BBVA’s experience in prior transactions. However, the information used by BBVA may not be correct and the circumstances applicable to the exchange offer may not be comparable to any of BBVA’s prior transactions, which may result in BBVA failing to achieve the synergies described herein, incurring additional costs or failing to achieve the objectives of the exchange offer. See “Risk Factors—Risks Related to the Exchange Offer—BBVA may fail to fully realize the expected benefits and synergies of completing the exchange offer”. BBVA is undertaking the exchange offer in order to acquire control of Banco Sabadell, which would result in Banco Sabadell becoming part of the BBVA Group. As soon as possible thereafter, and subject to compliance with the Council of Ministers’ Authorization, BBVA intends to promote a merger of the two entities. Pursuant to the Council of Ministers’ Authorization, BBVA will be able to undertake a merger with Banco Sabadell only following the No-merger Period, although a merger may be possible sooner if the Autonomy Condition is declared void as a result of the Administrative Appeal. For additional information on the Council of Ministers’ Authorization, see “The Exchange Offer—Antitrust Authorizations—Spanish Antitrust Authorization”. BBVA believes that the acquisition of control of Banco Sabadell and Banco Sabadell becoming part of the BBVA