Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 133

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 133
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 acceptance period the CNMC has not given its express or tacit authorization to the 
 exchange offer, BBVA may, but is not required to, withdraw the exchange offer.                              |

| 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. |

As of the date of this offer to exchange/prospectus, BBVA has requested the corresponding authorizations from the aforementioned competent antitrust authorities. 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 Background Under Spanish law, upon submission of an economic concentration application, the CNMC has a period of one month to conduct an initial review (Phase I) of such economic concentration. Thereafter, according to the Spanish Competition Law, the CNMC may (i) approve such economic concentration without conditions, 101

(ii) approve such economic concentration subject to conditions, including remedies or commitments proposed by the party requesting approval (here, BBVA), or (iii) initiate a Phase II review if it considers that the economic concentration may hinder the maintenance of effective competition. In Phase II, the CNMC conducts a detailed market analysis and consults with third parties (including competitors, suppliers and customers of the party requesting approval (here, BBVA)) and may request additional information from the requesting party, regulatory bodies and other market players. Thereafter, according to the Spanish Competition Law, the CNMC may decide to (i) approve such economic concentration without conditions, (ii) approve such economic concentration subject to conditions, including any remedies or commitments proposed by the party requesting authorization (here, BBVA) or different conditions imposed by the CNMC itself, or (iii) declare the economic concentration inappropriate. The maximum review periods for Phase I and Phase II are one and three months, respectively, although these periods are tolled as a result of information requests made