Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 19

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 19
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 publication of the results of the exchange offer on the website of the CNMV, BBVA                                                                                                                                                                                          
 will communicate to the CNMV and publicly announce whether or not the requirements to execute a squeeze-out transaction have been met. In that announcement, or within the two following Spanish stock exchange                                                                                                                                                                                                                                   
 business days, BBVA will announce the date of the squeeze-out transaction. In accordance with article 48.4 of the Spanish Takeover Regulation, such date will be fixed between the 15th and the 20th Spanish business day following the date of such announcement. Such decision will be irrevocable. Upon settlement of such squeeze-out transaction, the Banco Sabadell shares will be automatically delisted from the Spanish Stock Exchanges. |

| Q. | Will there be a merger between BBVA and Banco Sabadell? |

| A. | If the exchange offer is completed, regardless of the percentage of Banco Sabadell shares acquired by BBVA                                                                                                                                            
 pursuant to the exchange offer, BBVA intends to promote, after the settlement of the exchange offer, and irrespective of whether the thresholds provided for in articles 116 of the Spanish Securities Market Law and 47 of the Spanish Takeover      
 Regulation for the exercise of the right of squeeze-out are met, subject to market conditions or other circumstances making it inadvisable to carry out such merger process or carry out such merger process on such terms, a merger by absorption of 
 Banco Sabadell by BBVA, with an exchange ratio equivalent, as far as possible, to the consideration offered in the exchange offer.                                                                                                                    |

The exchange ratio of any such merger must be validated, on the basis of the fair value of the equity of the entities participating in the merger, by an independent expert appointed for such purpose by the relevant commercial registry, in accordance with applicable Spanish law, and may ultimately differ from the consideration offered in the exchange offer. A joint merger plan would need to be formulated by BBVA’s and Banco Sabadell’s respective boards of directors and approved by BBVA’s and Banco Sabadell’s respective shareholders, and its consummation would require the prior authorization of the Spanish Minister of Economy, Trade and Business in accordance with the provisions of the twelfth additional provision of Law 10/2014, of June 26, on the regulation, supervision and solvency of credit institutions and related regulations. See “The Exchange Offer—Certain Consequences of the Exchange Offer—Squeeze-out and Merger”. If the intended merger is not