Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 250

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 250
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 EU member states and the competent authorities of these member states have not taken adequate measures to address it. Change of Control Provisions and Tender Offers Certain antitrust regulations may delay, defer or prevent a change of control of BBVA in the event of a merger, acquisition or corporate restructuring. In Spain, the application of both Spanish and European antitrust 178

regulations requires that prior notice of domestic or cross-border merger transactions be given in order to obtain a “non-opposition”ruling from antitrust authorities. Spanish regulation of takeover bids may also delay, defer or prevent a change of control of BBVA or any of its subsidiaries in the event of a merger, acquisition or corporate restructuring. The Spanish Securities Market Law and the Spanish Takeover Regulation set forth the Spanish rules governing takeover bids. In particular:

| • |     | a bidder must make a tender offer in respect of 100% of the issued share capital of a target company if: |

| • |     | it acquires an interest in shares which (taken together with shares in which persons acting in concert with it                                                                                                                                            
 are interested) carry 30% or more of the voting rights of the target company. If this threshold is reached by an acquiring shareholder due to a variation of the total number of voting rights of a target company which has issued loyalty shares in the 
 terms described in article 527 ter et seq. of the Spanish Corporation Law, the acquiring shareholder is entitled not to make such tender offer in case it sells the shares necessary to fall below such 30% threshold in the subsequent three months,     
 such acquiring shareholder waives its loyalty voting rights exceeding such 30% threshold or obtains a waiver issued by the CNMV;                                                                                                                          |

| • |     | it acquires an interest in shares which (taken together with shares in which persons acting in concert with it                                                     
 are interested) carry less than 30% of the voting rights but enable the bidder to appoint a majority of the members of the target company’s board of directors; or |

| • |     | it held 30% or more but less than 50% of the voting rights of the target company on the date the law came into 
 force, and subsequently:                                                                                       |

| • |     | acquires, within 12 months, an additional interest in shares which carries 5% or more of such voting rights; |

| • |     | acquires an additional interest in shares so that the bidder’s aggregate interest carries 50% or more of 
 such