Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 216

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 216
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 BBVA pursuant to the exchange offer, the liquidity of the Banco Sabadell shares following completion of the exchange offer could be adversely affected. BBVA does not intend to take any action aimed at maintaining the liquidity of the
Banco Sabadell shares following completion of the exchange offer. See “Risk Factors—Risks Relating to the Exchange Offer—If the exchange offer is completed, the liquidity of any Banco Sabadell shares not acquired by BBVA could be
adversely affected. Further, BBVA may have the right to squeeze-out any remaining holders of Banco Sabadell shares”.

Squeeze-out

If the requirements set forth in articles 116 of the Securities Market Law and 47 of
the Spanish Takeover Regulation are met, which would require that (i) the exchange offer be accepted by holders of Banco Sabadell shares representing at least 90% of the Banco Sabadell shares subject to the exchange offer; and
(ii) following completion of the exchange offer, BBVA holds a number of Banco Sabadell shares representing at least 90% of the voting rights in Banco Sabadell’s share capital (excluding, in each case, any treasury shares held by Banco
Sabadell), BBVA will exercise its right to demand the squeeze-out of the remaining Banco Sabadell shares at the same consideration (including the share consideration and the exchange offer cash consideration)
as offered pursuant to the exchange offer (adjusted, as the case may be, as described in this offer to exchange/prospectus). To this effect, within the three Spanish stock exchange business days following the publication of the results of the
exchange offer on the website of the CNMV, BBVA will communicate to the CNMV and publicly announce whether or not the requirements to execute a squeeze-out transaction have been met. In that announcement, or
within the two following Spanish stock exchange business days, BBVA will announce the date of the squeeze-out transaction. In accordance with article 48.4 of the Spanish Takeover Regulation, such date will be
fixed between the 15 and the 20 Spanish business day following the date of such announcement. Such decision will be irrevocable. Upon
settlement of such squeeze-out transaction, the Banco Sabadell shares will be automatically delisted from the Spanish Stock Exchanges.

The execution of the squeeze-out transaction resulting from the exercise of the aforementioned right
shall give rise, in accordance with article 48 of the Spanish Takeover Regulation and related provisions, to the del