Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 179

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 179
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 debt
position other than to renew Banco Sabadell’s wholesale funding instruments on the best terms possible, in accordance with the expected maturities of existing issuances.

Plans Regarding the Issuance of Securities of Any Kind by Banco Sabadell and the Banco Sabadell Group

Except for transactions related to ordinary regulatory capital and liquidity management of a banking entity and its regulated subsidiaries in
the ordinary course of business, BBVA does not plan to promote the issuance of new securities by Banco Sabadell and the Banco Sabadell Group.

Planned Corporate Restructuring Transactions of Any Kind

Intended Merger

If
the exchange offer is completed, regardless of the percentage of Banco Sabadell shares acquired by BBVA pursuant to the exchange offer, BBVA intends to promote, after the settlement of the exchange offer, and irrespective of whether the thresholds
provided for in articles 116 of the Spanish Securities Market Law and 47 of the Spanish Takeover Regulation for the exercise of the right of squeeze-out are met, subject to market conditions or other
circumstances making it inadvisable to carry out such merger process or carry out such merger process on such terms, a merger by absorption of Banco Sabadell by BBVA, with an exchange ratio equivalent, as far as possible, to the consideration
offered in the exchange offer.

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BBVA estimates that the intended merger would be consummated in a period of between six to eight months from the adoption of the necessary corporate resolutions by both entities. BBVA expects to be able to begin the implementation of the expected synergies upon completion of the exchange offer. However, the pace at which such synergies may be realized depends on the timing of the consummation of the intended merger. See “—Certain Consequences of the Exchange Offer—Squeeze-out and Merger” and “BBVA’s Reasons for the Proposed Exchange Offer”. In addition to the above, following completion of the exchange offer, BBVA intends to carry out a detailed review of the corporate structure of Banco Sabadell and its affiliates in order to analyze the advisability of carrying out a restructuring to simplify and optimize it, taking into account Banco Sabadell’s position within the BBVA Group. Failure to Consummate Intended Merger As described above, BBVA intends to promote a merger by absorption of Banco Sabadell by BBVA. Any such merger would need BBVA’s and Banco Sabadell’s respective boards of directors to formulate a joint merger plan, which would