Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 173

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 173
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 Plan detailing the extent to which its corporate strategy will affect, in at least the next five years, the criteria of general interest identified. |

132

3.—Confirm the commitments established by the Competition Chamber of the National Commission on Markets and Competition (hereinafter, CNMC) in the annex to its resolution dated April 30, 2025, in the BBVA/Banco Sabadell file (C/1470/24).” In compliance with the Autonomy Condition, during the No-merger Period, BBVA and Banco Sabadell will need to adopt their respective management decisions considering the maximization of their respective values as independent entities. On June 30, 2025, BBVA publicly announced its decision not to withdraw the exchange offer as a result of the Council of Ministers’ Authorization. As a result of the Autonomy Condition in the Council of Ministers’ Authorization, BBVA’s ability to realize the expected synergies as a result of completing the exchange offer will be limited during the No-merger Period. See “Risk Factors—Risks Relating to the Exchange Offer—BBVA may fail to fully realize the expected benefits and synergies of completing the exchange offer—Risks associated with compliance with the Council of Ministers’ Authorization” and “BBVA’s Reasons for the Proposed Exchange Offer”. On July 15, 2025, BBVA filed an administrative appeal before Spain’s Supreme Court, challenging the legality of the Autonomy Condition in the Council of Ministers’ Authorization (the Administrative Appeal). As of the date of this offer to exchange/prospectus, the Administrative Appeal is pending. If the Autonomy Condition is declared void as a result of the Administrative Appeal, BBVA may be able to consummate a merger with Banco Sabadell sooner than would otherwise be permitted pursuant to the Council of Ministers’ Authorization. There is no guarantee that BBVA will prevail in the Administrative Appeal. BBVA expects the Administrative Appeal to be resolved in a period of between 18 months and two years. In addition, on July 17, 2025, the European Commission opened an infringement procedure by sending a formal letter of notice to the Spanish government for failing to comply with the Single Supervisory Mechanism Regulation (Regulation (EU) No 1024/2013), the Capital Requirements Directive (Directive 2013/36/EU) and articles 49 and 63 of the Treaty on the Functioning of the European Union. According to a statement published by the European Commission, the European