Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 169

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 169
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 following the waiver of the Minimum Acceptance Condition. Additionally, even if control can be established initially with less than 50% of Banco Sabadell’s voting rights, changes in participation in general shareholders’ meetings and changes in Banco Sabadell’s shareholder base could eventually preclude BBVA from controlling Banco Sabadell with less than 50% of Banco Sabadell’s voting rights. If BBVA does not hold at least 50% of Banco Sabadell’s voting rights, then, theoretically, another 129

Banco Sabadell shareholder or a group of shareholders acting in concert could acquire over time more voting rights than BBVA and thereby deprive BBVA of control of Banco Sabadell, although a shareholder or group of shareholders seeking to acquire such a significant stake in Banco Sabadell would face significant hurdles (including requirements to obtain authorizations from the CNMV, the CNMC and the ECB, to launch a mandatory tender offer and to obtain other regulatory and antitrust approvals). As a result of the foregoing, controlling Banco Sabadell with less than 50% of Banco Sabadell’s voting rights is different from controlling Banco Sabadell with more than 50% of Banco Sabadell’s voting rights. BBVA can provide no assurance that it would be able to control Banco Sabadell with less than 50% of Banco Sabadell’s voting rights. 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:

| 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