Company: BBVXF
Filing Date: 2025-09-05
Form Type: 425
Source: 0001193125-25-197292
Chunk: 14

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: 425
Chunk 14
---
 we would like to revert to the lawyers, but I
believe there is, depending on which terms change, there’s three or five days. I think it’s five days, if I’m not mistaken, in the OPA Royal Decree, five days for changing to the terms of the offer, and then that would imply, I
think, a suspension of the period for CNMV to analyze what the change has been. And during that suspension, then the acceptance period would not, the time would not run. And then it would just continue to run afterwards. If I’m not mistaken,
but take this, I don’t know if you guys know better, Luisa or Onur or Vicky?

A - Onur Genc

Based on SEC, there might be, we have to do the improvement ten days before.

A - Carlos Torres Vila

Yeah, but the question, I think, was Spanish law. Yeah.

A - Maria Luisa Gomez Bravo

Calendar days.

A - Onur Genc

But both laws will apply here. But in any case, we don’t consider it as a base case, and we don’t need to do that. I mean,
we mentioned it many times before, also in the second quarter call. We think this is a great deal. We talked about the synergies, we talked about value accretion, we talked about technology costs. I don’t know, many months ago, I called it a
textbook transaction.

2025-09-05

It’s a straightforward consolidation within market with the approval of the CNMC
and the Competition Antitrust Authority. It’s a textbook consolidation. So it does create value for both shareholders, as we also have shown today to you with numbers. But again, I would repeat what we said in the second quarter call. We
respect Sabadell a lot. It’s an amazing bank, and that’s why we are trying to get the deal done. But the total expected profits of Sabadell going forward is EUR1.6 billion. If you remember, our standalone plan announced at the end
of July, EUR48 billion in four years, on average EUR12 billion, EUR12 billion, EUR1.6 billion. We would love to get the deal done, but if the deal doesn’t happen for any reason, fine, we move on. We have a plan to deliver.
I consider it as a major liability for BBVA to deliver those numbers that we announced to you at