Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 28

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 28
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 (adjusted, as the case may be, as described in this offer to exchange/prospectus). To this effect, within the three Spanish stock exchange business days following the publication of the results of the exchange offer on the website of the CNMV, 
 BBVA will communicate to the CNMV and publicly announce whether or not the requirements to execute a squeeze-out transaction have been met. In that announcement, or within the two following Spanish stock                                               
 exchange business days, BBVA will announce the date of the squeeze-out                                                                                                                                                                                    |

14

| transaction. In accordance with article 48.4 of the Spanish Takeover Regulation, such date will be fixed between the 15th and the 20th Spanish business day following the date of such announcement. Such decision will be irrevocable. Upon settlement of such squeeze-out transaction, the Banco 
 Sabadell shares will be automatically delisted from the Spanish Stock Exchanges.                                                                                                                                                                                                                   |

| Q. | Will there be a merger between BBVA and Banco Sabadell? |

| A. | The Council of Ministers’ Authorization requires BBVA to comply with the Autonomy Condition during the                                                                                                                                         
 No-merger Period, which, among other matters, requires that, during the No-merger Period, BBVA and Banco Sabadell maintain separate legal personality and shareholders’ equity. As a result, there will not be a merger between BBVA and Banco 
 Sabadell until, at least, following the No-merger Period, although a merger may be possible sooner if the Autonomy Condition is declared void as a result of the Administrative Appeal.                                                        |

Notwithstanding the foregoing, following the No-merger Period, subject to market conditions or other circumstances making it impractical, inadvisable or impossible to carry out such merger process, BBVA intends to promote a merger by absorption of Banco Sabadell by BBVA. Such market conditions or other circumstances may include, for example, changes in any relevant laws or regulations that could impact the merger, a significant deterioration in market or economic conditions, the evolution of Banco Sabadell’s business or the identification of any contingencies or operating or other matters relating to Banco Sabadell that are not disclosed in publicly-available information relating to Banco Sabadell that become known to BBVA following acquisition of control of Banco Sabadell. See “Risk Factors—Risk Relating to the Exchange Offer—Since BBVA did not have access to non-public information regarding Banco Sabadell, BBVA’s ability