Company: BBVXF
Filing Date: 2025-09-17
Form Type: 425
Source: 0001193125-25-205900
Chunk: 13

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-17
Form: 425
Chunk 13
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 Because it’s a market consolidation. So why wouldn’t we create better value for both shareholders by tapping into something which is inefficient to start with? Why do we pay hundreds of millions of euros, each of us, to external vendors? It’s not even internal spending, it’s external vendors, IT vendors. Why do we spend hundreds of millions of euros for both of us? It just doesn’t make sense. That’s why the deal has a lot of synergy potential. That’s why it has a lot of value for both shareholders.But coming back to your three topics: Premium.Given this large synergy value, we offered 42% premium on one month VWAP in this transaction. 42%. As compared to the recent transactions that you know very well that have happened in Italy, it’s like out in the sky. There were five since the day that we launched. There were five, again no unsolicited tender offers, in another European market. Three of the five have reached success. The ones who have reached success, they have increased their prices in the process. But the final prices that they ended up with is 19% premium, 14.8% premium and 13% premium. We started with 42. And how does 42 compare with the rest? So in terms of premium, I do think the numbers speak for themselves. BBVA’s footprint.That was your second point. No BBVA footprint. On this one, I encourage — because you said, what do you say to the shareholders — they should look into their own numbers. The most important thing in banking, in our view, the most important metric to pay attention to is not even profits, it’s the tangible book value creation. Tangible book value creation incorporates everything. It takes profits as the core, but then it deducts currency depreciation, it deducts securities valuations and everything. So it’s the key number to look into. When you look into 15 years, ten years, five years, in every single period that you pick, not only do we beat Sabadell with a wide, wide margin in terms of tangible book value creation, despite that footprint that you are talking about, we also have less volatility as compared to Sabadell. We beat the European banking peers as well. So on this topic, the notion that we are diversified, the notion that we are in low leverage countries, and the notion that we have the best banks in the countries that we are in — I gave you all the numbers. We are