Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 185

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 185
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 that with at least 30% of Banco Sabadell’s voting rights BBVA will have control of Banco Sabadell. However, there is no assurance that this will be the case if the exchange offer is completed following the waiver of the Minimum Acceptance Condition. With control of Banco Sabadell under relevant accounting principles, BBVA will be able to consolidate the financial position and results of operations of Banco Sabadell within the BBVA Group’s consolidated financial statements. Additionally, once BBVA has control of Banco Sabadell, BBVA expects to realize the synergies and implement the plans for Banco Sabadell described elsewhere in this offer to exchange/prospectus, including the consummation of a merger with Banco Sabadell following the No-mergerPeriod. Antitrust Authorizations The economic concentration resulting from completion of the exchange offer is subject to the authorization of the following antitrust authorities:

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As confidentially submitted to the Securities and Exchange Commission on August 11, 2025. This Amendment No. 4 has not been publicly filed with the Securities and Exchange Commission and all information herein remains strictly confidential.

| v. | The Portuguese antitrust authorities, in accordance with article 37 of Law 19/2012, of May 8. The Portuguese                  
 antitrust authorities authorized the economic concentration resulting from completion of the exchange offer on July 10, 2024. |

| vi. | The Moroccan antitrust authorities, in accordance with article 11.3 of Law                                                                                                          
 104-12, on free pricing and competition. The Moroccan antitrust authorities authorized the economic concentration resulting from completion of the exchange offer on July 24, 2024. |

In addition, on May 28, 2024 the exchange offer was notified on a voluntary basis to the CMA, the UK’s antitrust authority. On June 7, 2024 the CMA confirmed that it had no further questions regarding the exchange offer. Spanish Antitrust Authorization BBVA submitted to the CNMC its request for authorization of the economic concentration resulting from completion of the exchange offer on May 31, 2024. On April 30, 2025, following Phase I and Phase II review, the CNMC issued a resolution authorizing the economic concentration resulting from completion of the exchange offer subject to the following commitments (the “CNMC Commitments”), most of which have a duration of three years beginning on the date that BBVA designates a majority of Banco Sabadell’s board of directors