Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 46

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 46
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 to the consideration offered in the exchange offer.

The exchange ratio of any such merger must be validated, on the basis of the fair value of the equity of the entities participating in
the merger, by an independent expert appointed for such purpose by the relevant commercial registry, in accordance with applicable Spanish law, and may ultimately differ from the consideration offered in the exchange offer. A joint merger plan would
need to be formulated by BBVA’s and Banco Sabadell’s respective boards of directors and approved by BBVA’s and Banco Sabadell’s respective shareholders, and its consummation would require the prior authorization of the Spanish
Minister of Economy, Trade and Business in accordance with the provisions of the twelfth additional provision of Law 10/2014, of June 26, on the regulation, supervision and solvency of credit institutions and related regulations. If the
intended merger is not consummated for any reason, BBVA will not pursue a delisting offer over the Banco Sabadell shares for at least 12 months following the settlement of the exchange offer.

While it is BBVA’s intention to effect a merger by absorption, BBVA is not obligated or may be unable to consummate such a merger
following completion of the exchange offer or may decide not to consummate it on the same terms as the exchange offer. As noted above, BBVA’s intention is to apply in any such merger an exchange ratio equivalent, as far as possible, to the
consideration offered in the exchange offer. However, the exchange ratio applicable in any such merger must be validated by an independent expert and may ultimately differ from the consideration offered in the exchange offer. Further, any such
merger would need BBVA’s and Banco Sabadell’s respective boards of directors to formulate a joint merger plan, which would need to be approved by BBVA’s and Banco Sabadell’s respective shareholders. The consummation of the merger
would require the prior authorization of the Spanish Minister of Economy, Trade and Business, following the issuance of related reports by certain regulators and authorities that will have previously issued favorable opinions with respect to the
exchange offer. If any of the foregoing corporate approvals or the authorization from the Economy, Trade and Business’ Minister is not obtained, the merger will not be consummated. Following completion of the exchange offer, BBVA will be able
to appoint the majority of the members of the board of directors of Banco Sabadell and exercise at least 50.01% of Banco Sabadell