Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 172

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 172
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 the joint plan of merger referred to         
 above. BBVA intends to seek the authorization of the Spanish Minister of Economy, Trade and Business of the intended merger through a written submission to the General Secretary of the Treasury and International Finance, which is part of the      
 Ministry of Economy, Trade and Business, after the formulation by BBVA’s and Banco Sabadell’s respective boards of directors of the joint plan of merger. Following BBVA’s submission, the Ministry of Economy, Trade and Business’                    
 professional staff would be required under applicable law to consider such submission, together with the related reports required to be issued following such submission by certain regulators and authorities, including the ECB, the CNMV, the       
 Executive Service of the Commission for the Prevention of Money Laundering and Monetary Offenses (the “SEPBLAC”) and the Directorate General of Insurance and Pension Funds (the “DGSFP”), among others, with respect to the merger,                   
 based on a technical review and analysis of the intended merger. The CNMC would not issue a separate report as it would already have approved the economic concentration resulting from completion of the exchange offer, but the report issued by the 
 CNMC in the context of the exchange offer would also be considered by the Ministry of Economy, Trade and Business’ professional staff in conducting its technical analysis and review of the intended merger. The Minister’s final decision            
 whether to approve the intended merger must be reasoned and take into account such technical review and analysis by the Ministry of Economy, Trade and Business’ professional staff, and is required to be made through a public ministerial order.    
 Such decision must be adopted by the Spanish Minister of Economy, Trade and Business within six months of receipt of BBVA’s written submission to the General Secretary of the Treasury and International Finance, or when the required                
 documentation is completed, and, in any case, within 12 months of such receipt. If the Spanish Minister of Economy, Trade and Business does not adopt a decision within such timeframe, the application shall be deemed to be dismissed.               |

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The current Spanish Minister of Economy, Trade and Business, Mr. Carlos Cuerpo,
initially stated on May 10, 2024, the day following announcement of BBVA’s decision to undertake the exchange offer, his opposition to the intended merger, and he has made similar public statements thereafter, including following BBVA’s
receipt of certain antitrust authorizations and regulatory approvals (including the ECB’s non-opposition) in connection with the exchange offer. Such statements,