Company: BBVXF
Filing Date: 2025-09-05
Form Type: 425
Source: 0001193125-25-197292
Chunk: 11

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: 425
Chunk 11
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 one, and I am sorry if it is a bit of a repetition because I think you have addressed it to some extent. You talked about fundamentals, and it is very clear your position. Then look at the market and 
 what the market is telling me today is if I look at the spreads, BBVA Sabadell, of course, they move daily and things may be affected by different factors, but as things stand, they still seem to be implying an improvement of the offer. Now,         
 you’ve increased the synergies. You’ve shown that your return investment is in excess of 20% for a deal that, as you’ve talked, is, of course, has an industrial logic and is a domestic transaction. I wonder where the frontier for                     
 value creation lies for you? And also, how does the disposal of TSB affect your rationale here? If I understood right, I think you’re saying you will have a positive impact on capital. I was under the impression this would be overall neutral         
 for you, but I’d just like to hear your thoughts? Thank you.                                                                                                                                                                                              |

A - Carlos Torres Vila Well, yeah, the numbers on capital, I think, are quite clear. So at closing of the VTO, it’ll be a 34 and with 100% acceptance. And of course, the lower the acceptance, the impact rises proportionately. I think it’s 34 basis points for 100%, 49 basis points for a 50% take up. And then later on, the impact is actually positive because of the disposal you mentioned. Now, regarding your comments on where the market stands, yeah, that has been the case for a while, and we have been quite consistent that we have presented a very attractive offer, a highly attractive offer. And it was very good at inception, and it’s become even better now with the evolution of the share price. And certainly, Sabadell has also had, as Onur went through the slides very clearly, it’s trading at historical maximum, or one more than a decade at least. But a big reason for that has to do with the fact that there is an offer outstanding. But the offer is the offer, and we expect Sabadell shareholders to see the attractiveness of the offer and the project that goes with it. It’s not just the premium today, but the participation they will have in the combined entity and, therefore, the synergies that will also accrue to them. And maybe the number that summarizes it