Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 168

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 168
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 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”. Potential Waiver by BBVA of the Minimum Acceptance Condition As of the date of this offer to exchange/prospectus, BBVA does not intend to waive the Minimum Acceptance Condition. Any decision to waive the Minimum Acceptance Condition would be based on, among other factors, the number of Banco Sabadell shares tendered in the exchange offer and not withdrawn, the price per Banco Sabadell share that BBVA would be required to offer in any subsequent Mandatory Tender Offer, business developments, macroeconomic developments and conditions, and prevailing market conditions. BBVA has undertaken not to waive the Minimum Acceptance Condition if the number of Banco Sabadell shares tendered and not withdrawn in the exchange offer would not permit BBVA to acquire at least 30% of the voting rights of the Banco Sabadell shares (excluding any treasury shares held by Banco Sabadell as of that time). If the number of Banco Sabadell shares that permits BBVA to acquire at least more than half of the voting rights of the Banco Sabadell shares at the end of the acceptance period (excluding any treasury shares held by Banco Sabadell 126

as of that time) do not accept the exchange offer before the end of the acceptance period, and BBVA waives the Minimum Acceptance Condition and therefore the exchange offer is completed, BBVA
believes that completion of the exchange offer would continue to create value for the shareholders of both entities.

If BBVA waives the
Minimum Acceptance Condition and the exchange offer is completed, BBVA would continue to be subject to the Council of Ministers’ Authorization (including the Autonomy Condition and the CNMC Commitments) following completion of the exchange
offer. For the avoidance of doubt, the Council of Ministers’ Authorization does not prevent the acquisition of control of Banco Sabadell.

Timing of any waiver of Minimum Acceptance Condition

If the Minimum Acceptance Condition has not been satisfied as of the end of the acceptance period, pursuant to the Spanish Takeover Regulation,
BBVA may waive the Minimum Acceptance Condition after the expiration date of the exchange offer. In this case, pursuant to the Spanish Takeover Regulation, the acceptance period would not be reopened, nor would withdrawal rights be provided