Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 119

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 4
Chunk 119
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 the Exchange Offer. Such capital increase resolution was approved with shareholders representing 70.75% of the outstanding BBVA shares present at such meeting and 96% of such shareholders voting in favor.
On September 3, 2024, BBVA announced that it had received on September 2, 2024 the authorization from the Prudential Regulation Authority (PRA) for BBVA's indirect acquisition of control of TSB Bank PLC, the Target Company’s banking subsidiary in the United Kingdom, as a result of the Exchange Offer.
On September 5, 2024, BBVA announced that it received the decision of non-opposition from the European Central Bank to BBVA's taking control of the Target Company, as a result of the Exchange Offer.
On November 12, 2024, the Spanish antitrust authorities announced their decision that further review of the economic concentration resulting from the Exchange Offer would be required, extending antitrust review into a second phase.
The detailed terms of the Exchange Offer will be set out in the Spanish prospectus (which was submitted together with the Exchange Offer request to the CNMV for their authorization on May 24, 2024 and will be published after obtaining CNMV Clearance) and the relevant U.S. offer to exchange/prospectus.
Based on the information available when announcing the Exchange Offer, BBVA estimated a negative impact on BBVA’s Group CET1 capital of 38 basis points (including the impact of the adjustments resulting from dividend payments by the Target Company and BBVA on October 1 and October 10, 2024, respectively) if the Exchange Offer were accepted by holders of shares representing 100% of the share capital of the Target Company. See “Item 3. Key Information—Risk Factors—Business Risks—The Group faces risks related to its acquisitions and divestitures activity, including the Exchange Offer” and “—The structure, capital, leverage, liquidity, MREL and resolution profile of the Group if the Exchange Offer is completed remains uncertain”.