Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 15

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 3
Chunk 15
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 disease, such as COVID-19 (coronavirus), which develops into a regional or global pandemic and other large scale public health events. The measures that may be taken by governments, regulators and businesses to respond to any such pandemic or event may lead to slower or negative economic growth, supply disruptions, inflationary pressures and significant increases in public debt, and may also adversely affect the Group’s counterparties (including borrowers), which may lead to increased loan losses. Such measures could also impact the business and operations of third parties that provide critical services to the Group.
If there were an outbreak of a new pandemic or another large-scale public health event occurs in the future, the Group may experience an adverse impact, which may be material, on its business, financial condition and results of operations, including as a result of the exacerbation of any of the other risks described in this section.
The Group faces risks related to its acquisitions and divestitures activity, including the Exchange Offer
The Group has acquired and sold several companies and businesses over the past few years. For additional information on certain recent and ongoing transactions, see “Item 4. Information on the Company—History and Development of the Company—Capital Expenditures” and “Item 4. Information on the Company—Other Relevant Information”.
On May 9, 2024, BBVA announced its decision to launch the Exchange Offer, a voluntary exchange offer for the acquisition of all of the issued and outstanding shares of the Target Company, with the intention of promoting, after completion of the Exchange Offer, a merger by absorption of the Target Company by BBVA (the “Merger”), unless market conditions at the time of the decision or any other relevant circumstances make it inadvisable to carry out such Merger on such terms or at such time. 
The Group may not complete the Exchange Offer, the intended Merger or any other ongoing or future transaction in a timely manner, on a cost-effective basis or at all. The Exchange Offer is subject to CNMV Clearance (as defined herein) and to several conditions, including Antitrust Clearance and the Minimum Acceptance Condition (each as defined herein), and there can be no assurance that these conditions will be satisfied in a timely manner or at all. If any of these conditions are not satisfied and, if applicable, BBVA does not waive such condition, BBVA will not be able to complete the Exchange Offer. Similarly, if the Exchange Offer is completed, regardless of the percentage of Target Company shares acquired by BBVA pursuant to the Exchange