Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 18

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 3
Chunk 18
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 liabilities relating to any such breach or default and may also be unable to replace a terminated agreement or instrument on comparable terms or at all, in the event such a replacement is deemed necessary. Depending on the importance of a terminated agreement or instrument to the Target Company’s business, failure to replace that agreement or instrument on similar terms or at all may increase the costs to BBVA of operating the Target Company’s business or prevent BBVA from operating part or all of the Target Company’s business.
Additionally, while BBVA has assumed the accuracy and completeness of publicly available information concerning the Target Company, such information may contain errors or omissions. Since BBVA was not involved in the preparation of such information, it cannot give assurance that such information is accurate and complete. Any errors or omissions in the information publicly available to BBVA relating to the Target Company may have affected BBVA’s analysis and estimations of the risks and merits of the Exchange Offer (including BBVA’s assumptions with respect to the future operations, profitability, asset quality and other matters relating to the Target Company, including the anticipated synergies expected to result from the Exchange Offer), its decision to make the Exchange Offer and its determination of the terms and conditions thereof.
As a result of the foregoing, BBVA may not have anticipated all losses, costs and other liabilities that may be incurred in connection with the Exchange Offer if the Exchange Offer is completed or may have failed to accurately analyze or estimate the consequences of completing the Exchange Offer, either of which could have an adverse effect on the Group’s business, financial condition and results of operations after completion of the Exchange Offer.
Acquisitions may also lead to potential write-downs or have consequences that adversely affect the Group’s results of operations. For example, uncertainty about the effect of the Exchange Offer on BBVA’s and/or the Target Company’s (as a future member of the Group) employees and customers could adversely affect BBVA’s or the Target Company’s ability to retain and motivate its key personnel until and after the Exchange Offer is completed and could cause customers, suppliers, licensees, partners and other third parties that deal with BBVA or the Target Company to defer from entering into contracts with BBVA or the Target Company or to make other decisions that adversely affect BBVA or the Target Company, including the termination of existing business relationships with BBVA or the Target Company. 
In addition, if the Exchange Offer is not completed, the market prices of BBVA securities may decline or otherwise be subject to fluctuations to the extent that the current market prices of BBVA