Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 74

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 74
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 BBVA’s plans with respect to the merger may change or there may be market conditions or other circumstances which may make it impractical, inadvisable or impossible to consummate the merger. Such market conditions
or other circumstances may include, for example, changes in any relevant laws or regulations that could impact the merger, a significant deterioration in market or economic conditions, the evolution of Banco Sabadell’s business or the
identification of any contingencies or operating or other matters relating to Banco Sabadell that are not disclosed in publicly-available information relating to Banco Sabadell that become known to BBVA following acquisition of control of Banco
Sabadell. See “Risk Factors—Risk Relating to the Exchange Offer—Since BBVA did not have access to non-public information regarding Banco Sabadell, BBVA’s ability to accurately anticipate all losses, costs and other
liabilities that may be incurred in connection with the exchange offer is necessarily limited. Additionally, any errors or omissions in the information publicly available to BBVA relating to Banco Sabadell may have affected BBVA’s analysis,
estimations and determinations with respect to the exchange offer”.

The synergies that BBVA has estimated would be realized upon
consummation of a merger with Banco Sabadell (see “BBVA’s Reasons for the Proposed Exchange Offer—Estimated Synergies”) have been estimated without access to non-public information relating to Banco Sabadell and are based on
the volume of employees, offices, clients and transactions of Banco Sabadell but considering BBVA’s unit production costs, conditions with its strategic suppliers and process efficiencies. In estimating these synergies, BBVA has not relied on
any other methodology or taken into account any other information. BBVA has considered the estimated cost savings in light of cost savings achieved in comparable transactions and based on BBVA’s experience in prior transactions. However, the
information or methodology used by BBVA may not be correct and the circumstances applicable to the merger with Banco Sabadell may not be comparable to any of BBVA’s prior transactions, which may result in BBVA’s estimates being incorrect
and in BBVA’s inability to realize the synergies it expects to realize upon consummation of a merger with Banco Sabadell.

Since
BBVA has not had access to non-public information relating to Banco Sabadell, BBVA’s ability to accurately estimate these synergies is necessarily limited and the synergies and other savings finally realized, and the costs finally incurred to
achieve such