Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 53

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 53
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 In accordance with the provisions of article 13.2.b) of the Spanish Takeover Regulation, the acceptance of the                                                                                                                                          
 exchange offer by a number of shares of Banco Sabadell that permits BBVA to acquire at least more than half of the voting rights of the Banco Sabadell shares outstanding at the end of the acceptance period (thus, excluding any treasury shares held 
 by Banco Sabadell as of that time).                                                                                                                                                                                                                     |

| iii. | In accordance with the provisions of article 26.1 of the Spanish Takeover Regulation, the express or tacit 
 authorization of the economic concentration resulting from completion of the exchange offer by the CNMC.   |

For the exchange offer to be completed, each of these conditions must have been satisfied or waived (to the extent permitted by law, including in accordance with any applicable timing limitations) 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, conditions (i) and (iii) above remain outstanding. BBVA does not intend to waive condition (i) above. Consequently, if a number of Banco Sabadell shares that permits BBVA to acquire at least more than half of the voting rights of the Banco Sabadell shares outstanding at the end of the acceptance period (thus, excluding any treasury shares held by Banco Sabadell as of that time) does not accept the exchange offer before the end of the acceptance period, the exchange offer will not be completed. According to the Spanish Competition Law, the CNMC may (i) approve the economic concentration resulting from completion of the exchange offer without conditions, (ii) approve the economic concentration resulting from completion of the exchange offer subject to conditions, including any remedies or commitments proposed by BBVA to address any competition concerns identified by the CNMC or different conditions imposed by the CNMC itself, or (iii) declare the economic concentration resulting from completion of the exchange offer inappropriate. 36

In the case of (i) above, the CNMC resolution will be immediately effective and the related offer condition will be satisfied. In the case of (ii) and (iii) above, the CNMC’s resolution will be communicated to the Spanish Minister of Economy, Trade and Business and it will not be effective (i) until a 15-business-day period lapses without a referral by the Spanish Minister of Economy, Trade and Business to the Council of Ministers for review on the basis of general public interest or