Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 223

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 223
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merger Period, BBVA and Banco
Sabadell maintain separate legal personality and shareholders’ equity and that BBVA and Banco Sabadell preserve their respective autonomy in the management of their operations. The Council of Ministers’ Authorization also requires
compliance with the CNMC Commitments and establishes certain reporting obligations to the Autonomy Condition’s supervisory body, the SEEAE. As a result, there will not be a merger between BBVA and Banco Sabadell until, at least, following the
No-merger Period, although a merger may be possible sooner if the Autonomy Condition is declared void as a result of the Administrative Appeal. See “The Exchange Offer—Antitrust Authorizations—Spanish Antitrust
Authorization”.

In compliance with the Autonomy Condition, during the No-merger Period, BBVA and Banco Sabadell will need to adopt
their respective management decisions considering the maximization of their respective values as independent entities.

Following the
No-merger Period, subject to market conditions or other circumstances making it impractical, inadvisable or impossible to carry out such merger process, BBVA intends to promote a merger by absorption of Banco Sabadell by BBVA. Such market conditions
or other circumstances may include, for example, changes in any relevant laws or regulations that could impact the merger, a significant deterioration in market or economic conditions, the evolution of Banco Sabadell’s business or the
identification of any contingencies or operating or other matters relating to Banco Sabadell that are not disclosed in publicly-available information relating to Banco Sabadell that become known to BBVA following acquisition of control of Banco
Sabadell. See “Risk Factors—Risk Relating to the Exchange Offer—Since BBVA did not have access to non-public information regarding Banco Sabadell, BBVA’s ability to accurately anticipate all losses, costs and other
liabilities that may be incurred in connection with the exchange offer is necessarily limited. Additionally, any errors or omissions in the information publicly available to BBVA relating to Banco Sabadell may have affected BBVA’s analysis,
estimations and determinations with respect to the exchange offer”.

BBVA estimates that such merger would be consummated in a
period of between six to eight months from the adoption of the necessary corporate resolutions by both entities. Such merger would occur only following the No-merger Period, although a merger may be possible sooner if the Autonomy Condition is
declared void as a result of the Administrative Appeal. See “