Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 178

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 178
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 entities. On June 30, 2025, BBVA publicly announced its decision not to withdraw the exchange offer as a result of the Council of Ministers’ Authorization. As a result of the Autonomy Condition in the Council of Ministers’ Authorization, BBVA’s ability to realize the expected synergies as a result of completing the exchange offer will be limited during the No-merger Period. See “Risk Factors—Risks Relating to the Exchange Offer—BBVA may fail to fully realize the expected benefits and synergies of completing the exchange offer—Risks associated with compliance with the Council of Ministers’ Authorization” and “BBVA’s Reasons for the Proposed Exchange Offer”. On July 15, 2025, BBVA filed an administrative appeal before Spain’s Supreme Court, challenging the legality of the Autonomy Condition in the Council of Ministers’ Authorization (the Administrative Appeal). As of the date of this offer to exchange/prospectus, the Administrative Appeal is pending. If the Autonomy Condition is declared void as a result of the Administrative Appeal, BBVA may be able to consummate a merger with Banco Sabadell sooner than would otherwise be permitted pursuant to the Council of Ministers’ Authorization. There is no guarantee that BBVA will prevail in the Administrative Appeal. BBVA expects the Administrative Appeal to be resolved in a period of between 18 months and two years. In addition, on July 17, 2025, the European Commission opened an infringement procedure by sending a formal letter of notice to the Spanish government for failing to comply with the Single Supervisory Mechanism Regulation (Regulation (EU) No 1024/2013), the Capital Requirements Directive (Directive 2013/36/EU) and articles 49 and 63 of the Treaty on the Functioning of the European Union. According to a statement published by the European Commission, the European Commission considers that certain provisions in Spanish banking and competition laws, granting unrestricted powers to the Spanish government to intervene in mergers and acquisitions of banks, impinge on exclusive competencies of the ECB and national supervisors under the relevant EU banking regulations. The European Commission also said it considers these broad discretionary powers under Spanish law to constitute “unjustified restrictions to the freedom of establishment and of capital movements.” The Spanish government was given two months to respond to the formal letter of notice from the European Commission. If the Spanish government’s response is deemed unsatisfactory by the European Commission, the European Commission may issue a reasoned opinion and could eventually refer the case to the Court of