Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 49

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 49
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ives the Minimum Acceptance Condition and the exchange offer is completed, BBVA will be required to launch a Mandatory Tender Offer” and “—If BBVA waives the Minimum Acceptance Condition and the exchange offer is completed, BBVA may not have control of Banco Sabadell immediately following completion of the exchange offer”. Antitrust Authorizations (page 130) The economic concentration resulting from completion of the exchange offer is subject to the authorization of the following antitrust authorities:

| i. | The CNMC, in accordance with Law 15/2007, of July 3, on the defense of competition (the “Spanish                                                                                                                                                    
 Competition Law”). On April 30, 2025, the CNMC issued a resolution authorizing the economic concentration resulting from completion of the exchange offer subject to the CNMC Commitments. On June 24, 2025, the Spanish Council of Ministers       
 authorized the economic concentration resulting from completion of the exchange offer pursuant to the Council of Ministers’ Authorization. On June 30, 2025, BBVA publicly announced its decision not to withdraw the exchange offer as a result of 
 the Council of Ministers’ Authorization. As a result, the condition requiring the obtainment of the authorization of the economic concentration resulting from completion of the exchange offer by the CNMC is considered satisfied. See            
 “—Spanish Antitrust Authorization” below.                                                                                                                                                                                                           |

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| v. | The Portuguese antitrust authorities, in accordance with article 37 of Law 19/2012, of May 8. The Portuguese                  
 antitrust authorities authorized the economic concentration resulting from completion of the exchange offer on July 10, 2024. |

| vi. | The Moroccan antitrust authorities, in accordance with article 11.3 of Law                                                                                                          
 104-12, on free pricing and competition. The Moroccan antitrust authorities authorized the economic concentration resulting from completion of the exchange offer on July 24, 2024. |

In addition, on May 28, 2024 the exchange offer was notified on a voluntary basis to the Competition and Markets Authority (the “CMA”), the UK’s antitrust authority. On June 7, 2024 the CMA confirmed that it had no further questions regarding the exchange offer. Spanish Antitrust Authorization (page 131) On April 30, 2025, the CNMC issued a resolution authorizing the economic concentration resulting from completion of the exchange offer subject to the CNMC Commitments. In accordance with the Spanish Competition Law