Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 64

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 64
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adell within                                                                                                                                           
 its consolidated financial statements. Rather, BBVA will include the financial position and results of operations of Banco Sabadell in accordance with the relevant accounting criteria based on the percentage interest held by BBVA in Banco Sabadell, 
 pursuant to the equity method of accounting.                                                                                                                                                                                                             |

As a result of the foregoing, the anticipated benefits of the exchange offer may not be realized until BBVA obtains control of Banco Sabadell. BBVA may decide to waive the Minimum Acceptance Condition after the expiration date of the exchange offer. As a result, holders of Banco Sabadell shares will not know whether BBVA will waive the Minimum Acceptance Condition at the time of deciding whether or not to tender their Banco Sabadell shares into the exchange offer and will not have an opportunity to withdraw their Banco Sabadell shares following any such waiver. 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. Pursuant to the Spanish Takeover Regulation and in accordance with no-action relief granted to BBVA by the SEC, BBVA may waive the Minimum Acceptance Condition through the first Spanish stock exchange business day following the day it receives a notification from the CNMV as to the final number of Banco Sabadell shares tendered in the exchange offer (which notification would 43

be received within five Spanish stock exchange business days following the end of the acceptance period). See “The Exchange Offer—Relief Requested from the SEC—Tender Offer
Rules Exemptive and No-Action Relief”.

As a result of the foregoing, holders of Banco Sabadell shares will not know whether BBVA
will waive the Minimum Acceptance Condition at the time of deciding whether or not to tender their Banco Sabadell shares into the exchange offer. In addition, as described elsewhere in this offer to exchange/prospectus, holders of Banco Sabadell
shares may withdraw their declarations of acceptance only prior to the last day of the acceptance period. Consequently, holders of Banco Sabadell shares who have tendered their Banco Sabadell shares into the exchange offer will not have an
opportunity to withdraw their declarations of acceptance following any waiver of