Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 39

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 39
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) of the Spanish Takeover Regulation, the acceptance of the                                                                                                                                          
 exchange offer by a number of shares of Banco Sabadell that permits BBVA to acquire at least more than half of the voting rights of the Banco Sabadell shares outstanding at the end of the acceptance period (thus, excluding any treasury shares held 
 by Banco Sabadell as of that time).                                                                                                                                                                                                                     |

| iii. | In accordance with the provisions of article 26.1 of the Spanish Takeover Regulation, the express or tacit 
 authorization of the economic concentration resulting from completion of the exchange offer by the CNMC.   |

For the exchange offer to be completed, each of these conditions must have been satisfied or waived (to the extent permitted by law, including in accordance with any applicable timing limitations) as of the end of the acceptance period. See “The Exchange Offer—Extension, Termination and Amendment”. As of the date of this offer to exchange/prospectus, conditions (i) and (iii) above remain outstanding. BBVA does not intend to waive condition (i) above. Consequently, if a number of Banco Sabadell shares that permits BBVA to acquire at least more than half of the voting rights of the Banco Sabadell shares outstanding at the end of the acceptance period (thus, excluding any treasury shares held by Banco Sabadell as of that time) does not accept the exchange offer before the end of the acceptance period, the exchange offer will not be completed. For additional information on condition (iii) above, see “The Exchange Offer—Antitrust Authorizations”.

26

Antitrust Authorizations (page 101) The economic concentration resulting from completion of the exchange offer is subject to the authorization of the following antitrust authorities:

| i. | The CNMC, in accordance with the Spanish Competition Law. |

In accordance with the provisions of article 26.1 of the Spanish Takeover Regulation, the economic concentration resulting from completion of the exchange offer is subject to the express or tacit authorization from the CNMC with the following effects:

| • |     | If before the end of the acceptance period the CNMC does not object to completion of the exchange offer, this 
 condition will be fulfilled.                                                                                  |

| • |     | If before the end of the acceptance period the CNMC declares the proposed exchange offer inappropriate, BBVA must 
 withdraw the exchange offer.                                                                                      |

| • |     | If before the end of the acceptance period the CNMC subjects its authorization to the fulfillment of