Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 16

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 3
Chunk 16
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 Offer, the consummation of the Merger would require the formulation of a joint merger plan by BBVA’s and the Target Company’s respective boards of directors, approval of such plan by BBVA’s and the Target Company’s respective shareholders and the prior authorization of the Spanish Ministry of Economy, Trade and Business. If any of the foregoing corporate approvals or the authorization from the Economy, Trade and Business Minister is not obtained, the Merger will not be consummated.
Further, the Exchange Offer is not conditional on obtaining clearance or non-opposition from certain antitrust authorities and various competent regulatory bodies for the acquisition of control over regulated subsidiaries of the Target Company. If any of such governmental and regulatory approvals and authorizations are not obtained, and the Exchange Offer is completed, BBVA may ultimately be subject to fines or other administrative sanctions, may be required to make certain divestitures, may lose certain licenses held by subsidiaries of the Target Company or may have its voting rights with respect to the affected subsidiaries suspended.
Even if completed, the Exchange Offer, the Merger or any other ongoing or future transaction may not have the expected results. If the Exchange Offer is completed, BBVA cannot guarantee that some or all of the expected benefits of the transaction, including expected cost and financing synergies, will be achieved. In addition, if the Exchange Offer were to be completed but BBVA were unable to complete the Merger subsequently, this could impede the integration of BBVA’s operations with those of the Target Company and thereby make it more difficult to achieve the costs savings and other operating efficiencies envisaged. If the Merger were not consummated for any reason, BBVA believes that it is unlikely to achieve the full cost savings and other operating efficiencies or to realize the revenue and earnings growth that might otherwise be possible. Additionally, such cost savings and other operating efficiencies and revenue and earnings growth may be realized more slowly. However, if the Merger were not consummated, BBVA believes that it will be able to capture the majority of the cost synergies that would be realized if the Merger were consummated because BBVA will still be able to centralize certain processes of the Target Company within BBVA and to operate both banks from a joint IT platform with multi-bank functionality for all products, services and systems. 
Moreover, acquisitions are inherently risky because of the difficulties that may arise in integrating people, operations and technologies. There can be no assurance that any of the businesses the Group acquires can be successfully integrated or that they will