Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 21

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 21
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 completed, whether BBVA controls Banco Sabadell following completion of the exchange offer would 
 depend on the number of Banco Sabadell shares tendered and not withdrawn in the exchange offer and other facts and circumstances existing at such time, including, among other things, participation levels in Banco Sabadell’s general                
 shareholders’ meetings and changes in Banco Sabadell’s shareholder base.                                                                                                                                                                               |

Based on Banco Sabadell’s shareholding structure as of the date of this offer to exchange/prospectus and taking into account the historical average percentage of Banco Sabadell shares represented at Banco Sabadell’s general shareholders’ meetings over the past 10 years, BBVA believes it might be possible to nominate and have approved the majority of the board of directors of Banco Sabadell, and thereby control Banco Sabadell, with less than 50% of Banco Sabadell’s voting rights. If this were the case, BBVA would control Banco Sabadell in, effectively, the same way as it would with greater than 50% of Banco Sabadell’s voting rights. However, there is no assurance that BBVA will be able to nominate and have approved the majority of the board of directors of Banco Sabadell if the exchange offer is completed following the waiver of the Minimum Acceptance Condition. Additionally, even if control can be established initially with less than 50% of Banco Sabadell’s voting rights, changes in participation in general shareholders’ meetings and changes in Banco Sabadell’s shareholder base could eventually preclude BBVA from controlling Banco Sabadell with less than 50% of Banco Sabadell’s voting rights. If BBVA does not hold at least 50% of Banco Sabadell’s voting rights, then, theoretically, another Banco Sabadell shareholder or a group of shareholders acting in concert could acquire over time more voting rights than BBVA and thereby deprive BBVA of control of Banco Sabadell, although a shareholder or group of shareholders seeking to acquire such a significant stake in Banco Sabadell would face significant hurdles (including requirements to obtain authorizations from the CNMV, the CNMC and the ECB, to launch a mandatory tender offer and to obtain other regulatory and antitrust approvals). As a result of the foregoing, controlling Banco Sabadell with less than 50% of Banco Sabadell’s voting rights is different from controlling Banco Sabadell with more than 50% of Banco Sabadell’s voting rights. BBVA can provide no assurance that it