Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 164

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 164
---
 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 to
holders who have tendered their Banco Sabadell shares into the exchange offer.

In accordance with Spanish law and practice, the CNMV will
inform (the “CNMV Notification”) BBVA of the number of Banco Sabadell shares tendered in the exchange offer and not withdrawn within five Spanish stock exchange business days following the end of the acceptance period. It is only upon
receipt of the CNMV Notification that BBVA will know the final number of Banco Sabadell shares tendered in the exchange offer and whether the Minimum Acceptance Condition has been satisfied. Pursuant to the Spanish Takeover Regulation, BBVA would be
permitted to waive the Minimum Acceptance Condition through the first Spanish stock exchange business day following the date on which BBVA receives the CNMV Notification.

The SEC granted to BBVA no-action relief with respect to Rule 14d-4(d)(2) under the Exchange Act on September 2, 2025. Rule 14d-4(d)(2)(i)
under the Exchange Act requires that, in the event of a material change other than price or share levels, including the waiver of a material condition, an exchange offer must remain open for at least five U.S. business days from the date that the
related material changes to the exchange offer materials are disseminated to security holders. The relief granted to BBVA by the SEC permits BBVA to, following the expiration date of the exchange offer, waive the Minimum Acceptance Condition in
accordance with Spanish law and practice (i.e., through the first Spanish stock exchange business day following the date on which BBVA receives the CNMV Notification) in the event that the Minimum Acceptance Condition has not been satisfied as of
the end of the acceptance period, without extending the acceptance period or providing withdrawal rights in connection with any such waiver. Such relief is conditioned