Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 63

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 63
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 is satisfied and the exchange offer is completed, BBVA will control Banco Sabadell immediately following completion of the exchange offer. However, if the Minimum Acceptance Condition were waived and the exchange offer were completed, whether BBVA controls Banco Sabadell following completion of the exchange offer would depend on the number of Banco Sabadell shares tendered and not withdrawn in the exchange offer and other facts and circumstances existing at such time, including, among other things, participation levels in Banco Sabadell’s general shareholders’ meetings and changes in Banco Sabadell’s shareholder base. BBVA can provide no assurance that it would be able to control Banco Sabadell with only 30% of Banco Sabadell’s voting rights, which is the minimum percentage of Banco Sabadell’s voting rights BBVA would acquire pursuant to the exchange offer. If BBVA does not control Banco Sabadell immediately following completion of the exchange offer, it is possible that BBVA will subsequently obtain control of Banco Sabadell as a result of a Mandatory Tender Offer. In addition, following a Mandatory Tender Offer, BBVA will be permitted under Spanish law to acquire any untendered Banco Sabadell shares in the open market or otherwise in an unlimited amount and without giving rise to any obligation to make a further tender offer for any Banco Sabadell shares. BBVA is undertaking the exchange offer in order to acquire control of Banco Sabadell. If BBVA does not obtain control of Banco Sabadell following completion of the exchange offer and a Mandatory Tender Offer, BBVA may (but it is not obligated to) acquire additional Banco Sabadell shares, in the open market or otherwise, to eventually obtain control of Banco Sabadell. The execution, timing and manner of any such additional acquisitions will depend on many factors, including business developments, macroeconomic developments and conditions, and prevailing market conditions. There is no assurance that BBVA will eventually obtain control of Banco Sabadell if the exchange offer is completed following the waiver of the Minimum Acceptance Condition. Obtaining control of Banco Sabadell may take time. Until BBVA controls Banco Sabadell:

| • |     | BBVA may not be able to carry out any of its strategic plans with respect to Banco Sabadell; |

| • |     | BBVA may not realize any of the synergies it expects to realize following completion of the exchange offer; and |

| • |     | BBVA will not be able to consolidate the financial position and results of operations of Banco Sab