Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 20

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 20
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 consummated for any reason, BBVA will not pursue a delisting offer over the Banco Sabadell shares for at least 12 months following the settlement of the exchange offer. While it is BBVA’s intention to effect a merger by absorption, BBVA is not obligated or may be unable to consummate such a merger following completion of the exchange offer or may decide not to consummate it on the same terms as the exchange offer. As noted above, BBVA’s intention is to apply in any such merger an exchange ratio equivalent, as far as possible, to the consideration offered in the exchange offer. However, the exchange ratio applicable in any such merger must be validated by an independent expert and may 9

ultimately differ from the consideration offered in the exchange offer. Further, any such merger would need BBVA’s and Banco Sabadell’s respective boards of directors to formulate a joint merger plan, which would need to be approved by BBVA’s and Banco Sabadell’s respective shareholders. The consummation of the merger would require the prior authorization of the Spanish Minister of Economy, Trade and Business, following the issuance of related reports by certain regulators and authorities that will have previously issued favorable opinions with respect to the exchange offer. If any of the foregoing corporate approvals or the authorization from the Economy, Trade and Business’ Minister is not obtained, the merger will not be consummated. Following completion of the exchange offer, BBVA will be able to appoint the majority of the members of the board of directors of Banco Sabadell and exercise at least 50.01% of Banco Sabadell’s voting rights. BBVA is not aware of any Spanish precedent transaction where the authorization of a merger following the acquisition of control of a credit institution, as contemplated by this offer to exchange/prospectus, has not been granted by the Spanish Minister of Economy, Trade and Business. Such authorization was granted, for example, in the case of the merger of CaixaBank and Bankia and the merger of Unicaja Banco and Liberbank. See “The Exchange Offer—Certain Consequences of the Exchange Offer—Squeeze-out and Merger”. BBVA estimates that the intended merger would be consummated in a period of between six to eight months from the adoption of the necessary corporate resolutions by both entities. See “The Exchange Offer—Certain Consequences of the Exchange Offer—Squeeze-out and Merger”. BBVA expects to be able to begin the implementation of the expected synergies upon completion of the exchange offer.