[6-K] Banco Bilbao Vizcaya Argentaria, S.A. Current Report (Foreign Issuer)
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) reports that Spain鈥檚 Council of Ministers has formally authorised its voluntary tender offer for 100% of Banco de Sabadell, S.A., clearing a key regulatory hurdle originally filed with the CNMV on 24 May 2024. The approval is, however, conditional on a three-year period during which BBVA and Sabadell must retain separate legal entities, equity and autonomous decision-making in four areas: (i) financing & credit鈥攅specially for SMEs, (ii) human-resources policies, (iii) branch network & banking services, and (iv) the foundations鈥� social-work programmes. After the initial term, the Council will review whether to extend the restriction for up to two additional years.
The Secretary of State for Economy and Business Support (SEEAE) will act as supervisory body. Between six and two months before the three-year period ends, both banks must submit (1) a detailed status report explaining how separate management was maintained and (2) a publicly posted five-year structural plan describing the transaction鈥檚 future impact on the identified public-interest criteria.
The government also confirms the commitments required earlier by Spain鈥檚 competition authority (CNMC). BBVA is currently assessing the resolution under Article 26.1 of Royal Decree 1066/2007 to determine its next procedural steps. No financial terms of the offer or additional earnings guidance are provided in this filing.
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) comunica che il Consiglio dei Ministri spagnolo ha formalmente autorizzato la sua offerta volontaria di acquisto per il 100% di Banco de Sabadell, S.A., superando un importante ostacolo regolamentare originariamente presentato alla CNMV il 24 maggio 2024. L'approvazione 猫, tuttavia, condizionata a un periodo di tre anni durante il quale BBVA e Sabadell devono mantenere entit脿 legali separate, capitale proprio e autonomia decisionale in quattro ambiti: (i) finanziamenti e credito鈥攕pecialmente per le PMI, (ii) politiche delle risorse umane, (iii) rete di filiali e servizi bancari, e (iv) programmi di lavoro sociale delle fondazioni. Al termine di questo periodo, il Consiglio valuter脿 se estendere la restrizione fino a due anni aggiuntivi.
Il Segretario di Stato per l'Economia e il Supporto alle Imprese (SEEAE) agir脿 come organismo di vigilanza. Tra sei e due mesi prima della scadenza del periodo triennale, entrambe le banche devono presentare (1) un rapporto dettagliato sullo stato che spiega come 猫 stata mantenuta la gestione separata e (2) un piano strutturale quinquennale pubblicamente accessibile che descriva l'impatto futuro della transazione sui criteri di interesse pubblico identificati.
Il governo conferma inoltre gli impegni richiesti in precedenza dall'autorit脿 spagnola per la concorrenza (CNMC). BBVA sta attualmente valutando la risoluzione ai sensi dell'Articolo 26.1 del AG真人官方 Decreto 1066/2007 per definire i prossimi passi procedurali. Non sono stati forniti termini finanziari dell'offerta n茅 ulteriori indicazioni sugli utili in questa comunicazione.
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) informa que el Consejo de Ministros de Espa帽a ha autorizado formalmente su oferta p煤blica voluntaria para adquirir el 100% de Banco de Sabadell, S.A., superando un importante obst谩culo regulatorio presentado inicialmente ante la CNMV el 24 de mayo de 2024. Sin embargo, la aprobaci贸n es condicionada a un periodo de tres a帽os durante el cual BBVA y Sabadell deben mantener entidades legales separadas, capital propio y autonom铆a en la toma de decisiones en cuatro 谩reas: (i) financiaci贸n y cr茅dito鈥攅specialmente para pymes, (ii) pol铆ticas de recursos humanos, (iii) red de sucursales y servicios bancarios, y (iv) programas sociales de las fundaciones. Tras este periodo, el Consejo evaluar谩 si extiende la restricci贸n hasta dos a帽os adicionales.
El Secretario de Estado de Econom铆a y Apoyo a la Empresa (SEEAE) actuar谩 como 贸rgano supervisor. Entre seis y dos meses antes de que finalice el periodo de tres a帽os, ambas entidades deben presentar (1) un informe detallado que explique c贸mo se mantuvo la gesti贸n separada y (2) un plan estructural quinquenal p煤blico que describa el impacto futuro de la transacci贸n en los criterios de inter茅s p煤blico identificados.
El gobierno tambi茅n confirma los compromisos previamente exigidos por la autoridad de competencia espa帽ola (CNMC). BBVA est谩 actualmente evaluando la resoluci贸n conforme al Art铆culo 26.1 del AG真人官方 Decreto 1066/2007 para determinar los pr贸ximos pasos procesales. No se proporcionan t茅rminos financieros de la oferta ni nuevas previsiones de ganancias en esta comunicaci贸n.
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)電� 鞀ろ帢鞚� 臧侂須岇潣臧� Banco de Sabadell, S.A.鞚� 100% 鞛愲皽鞝� 瓿店皽毵れ垬鞐� 雽�頃� 瓿奠嫕 鞀轨澑鞚� 頄堧嫟瓿� 氤搓碃頄堨姷雼堧嫟. 鞚措姅 2024雲� 5鞗� 24鞚� CNMV鞐� 鞝滌稖霅� 欤检殧 攴滌牅 鞝堨皑毳� 韱店臣頃� 瓴冹瀰雼堧嫟. 雼る, 鞚措矆 鞀轨澑鞚� BBVA鞕� Sabadell臧� 3雲� 霃欖晥 氤勲弰鞚� 氩曥澑, 鞛愲掣 氚� 雼れ潓 雱� 攵勳暭鞐愳劀 鞛愳湪鞝� 鞚橃偓瓴办爼鞚� 鞙犾頃挫暭 頃滊嫟電� 臁瓣贝攵赌 鞀轨澑鞛呺媹雼�: (i) 欷戩唽旮办梾 雽�靸� 旮堨湹 氚� 鞁犾毄, (ii) 鞚胳偓 鞝曥眳, (iii) 歆�鞝愲 氚� 鞚�頄� 靹滊箘鞀�, (iv) 鞛嫧鞚� 靷殞氤奠 頂勲攴鸽灗. 齑堦赴 3雲� 頉�, 臧侂須岇潣電� 斓滊寑 2雲� 於旉皜 鞐办灔 鞐秬毳� 瓴�韱犿暊 鞓堨爼鞛呺媹雼�.
瓴届牅 氚� 旮办梾 歆�鞗� 甑鞛リ磤(SEEAE)鞚� 臧愲弲 旮瓣磤 鞐暊鞚� 頃╇媹雼�. 3雲� 旮瓣皠 膦呺 6臧滌洈鞐愳劀 2臧滌洈 鞝� 靷澊鞐� 霊� 鞚�頄夓潃 (1) 氤勲弰 瓴届榿 鞙犾 順勴櫓鞐� 雽�頃� 靸侅劯 氤搓碃靹滌檧 (2) 瓯半灅臧� 鞁濍硠霅� 瓿奠澋 旮办鞐� 氙胳範 氙鸽灅 鞓來枼鞚� 靹る獏頃橂姅 5雲� 甑“ 瓿勴殟鞚� 瓿店皽頃挫暭 頃╇媹雼�.
鞝曤秬電� 霕愴暅 鞀ろ帢鞚� 瓴届焷 雼龟淡(CNMC)鞚� 鞚挫爠鞐� 鞖旉惮頃� 鞎届啀 靷暛鞚� 頇曥澑頄堨姷雼堧嫟. BBVA電� 順勳灛 鞕曤牴 1066/2007 鞝�26臁� 1頃棎 霐半ジ 瓴办爼鞚� 瓴�韱犿晿氅� 雼れ潓 鞝堨皑毳� 瓴办爼 欷戩瀰雼堧嫟. 鞚措矆 瓿奠嫓鞐愳劀電� 鞝滌晥鞚� 鞛 臁瓣贝鞚措倶 於旉皜 靾橃澋 鞝勲鞚� 鞝滉车霅橃 鞎婌晿鞀惦媹雼�.
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) annonce que le Conseil des ministres espagnol a formellement autoris茅 son offre publique volontaire portant sur 100 % de Banco de Sabadell, S.A., franchissant ainsi une 茅tape r茅glementaire cl茅 initialement d茅pos茅e aupr猫s de la CNMV le 24 mai 2024. Cette approbation est toutefois conditionnelle 脿 une p茅riode de trois ans durant laquelle BBVA et Sabadell doivent conserver des entit茅s juridiques distinctes, des fonds propres et une autonomie d茅cisionnelle dans quatre domaines : (i) financement et cr茅dit 鈥� notamment pour les PME, (ii) politiques de ressources humaines, (iii) r茅seau d鈥檃gences et services bancaires, et (iv) programmes sociaux des fondations. 脌 l鈥檌ssue de cette p茅riode initiale, le Conseil examinera la possibilit茅 de prolonger cette restriction jusqu鈥櫭� deux ann茅es suppl茅mentaires.
Le Secr茅taire d鈥櫭塼at 脿 l鈥櫭塩onomie et au Soutien aux Entreprises (SEEAE) agira en tant qu鈥檕rgane de supervision. Entre six et deux mois avant la fin de la p茅riode de trois ans, les deux banques doivent soumettre (1) un rapport d茅taill茅 expliquant comment la gestion s茅par茅e a 茅t茅 maintenue, et (2) un plan structurel quinquennal rendu public d茅crivant l鈥檌mpact futur de la transaction sur les crit猫res d鈥檌nt茅r锚t public identifi茅s.
Le gouvernement confirme 茅galement les engagements pr茅c茅demment exig茅s par l鈥檃utorit茅 espagnole de la concurrence (CNMC). BBVA 茅value actuellement la r茅solution en vertu de l鈥檃rticle 26.1 du d茅cret royal 1066/2007 afin de d茅terminer les prochaines 茅tapes proc茅durales. Aucun d茅tail financier de l鈥檕ffre ni indication suppl茅mentaire sur les r茅sultats ne sont fournis dans ce d茅p么t.
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) berichtet, dass der spanische Ministerrat sein freiwilliges 脺bernahmeangebot f眉r 100 % der Banco de Sabadell, S.A., formell genehmigt hat und damit eine wichtige regulatorische H眉rde 眉berwunden wurde, die urspr眉nglich am 24. Mai 2024 bei der CNMV eingereicht wurde. Die Genehmigung ist jedoch bedingt durch eine dreij盲hrige Frist, in der BBVA und Sabadell getrennte Rechtseinheiten, Eigenkapital und autonome Entscheidungsbefugnisse in vier Bereichen beibehalten m眉ssen: (i) Finanzierung & Kredit 鈥� insbesondere f眉r KMU, (ii) Personalpolitik, (iii) Filialnetz & Bankdienstleistungen und (iv) die sozialen Programme der Stiftungen. Nach Ablauf der Anfangsfrist wird der Rat pr眉fen, ob die Beschr盲nkung um bis zu zwei weitere Jahre verl盲ngert wird.
Das Staatssekretariat f眉r Wirtschaft und Unternehmensf枚rderung (SEEAE) wird als Aufsichtsorgan fungieren. Zwischen sechs und zwei Monaten vor Ablauf der dreij盲hrigen Frist m眉ssen beide Banken (1) einen detaillierten Statusbericht vorlegen, der erkl盲rt, wie die getrennte Verwaltung aufrechterhalten wurde, und (2) einen 枚ffentlich zug盲nglichen f眉nfj盲hrigen Strukturplan, der die zuk眉nftigen Auswirkungen der Transaktion auf die festgelegten 枚ffentlichen Interessen beschreibt.
Die Regierung best盲tigt au脽erdem die zuvor von der spanischen Wettbewerbsbeh枚rde (CNMC) geforderten Verpflichtungen. BBVA pr眉ft derzeit die Entscheidung gem盲脽 Artikel 26.1 des K枚niglichen Erlasses 1066/2007, um die n盲chsten Verfahrensschritte zu bestimmen. In dieser Meldung werden keine finanziellen Bedingungen des Angebots oder zus盲tzliche Gewinnprognosen angegeben.
- Government authorisation from the Council of Ministers removes a key regulatory obstacle to BBVA鈥檚 tender offer for Banco Sabadell.
- Conditions are time-bound (three years, with possible two-year extension), allowing eventual full integration and synergy capture.
- Mandatory stand-alone operation for at least three years will delay cost and revenue synergies, weighing on near-term deal economics.
- Ongoing oversight by SEEAE and public reporting requirements increase compliance costs and expose BBVA to potential political intervention.
Insights
TL;DR: Regulatory green light given, but synergies delayed by 3-year stand-alone requirement.
The ministerial authorisation materially advances BBVA鈥檚 acquisition timeline, lowering deal-completion risk. Yet the mandatory preservation of Sabadell鈥檚 separate legal personality for at least three years postpones cost-synergy realisation, limits immediate balance-sheet optimisation and forces duplicate governance structures. Continuous monitoring by the SEEAE, status reports and public structural plans add administrative burden and potential reputational exposure. From a valuation standpoint, the filing is directionally positive鈥攃learance beats outright rejection鈥攂ut the conditions temper NPV accretion forecasts and could prolong integration costs.
TL;DR: Clearance obtained; conditional separation manageable, increasing likelihood of final deal close.
Regulatory approval from Spain鈥檚 highest executive body removes the last significant antitrust and public-interest barrier. The three-year dual-entity condition is typical for large domestic bank mergers and keeps political stakeholders satisfied without killing strategic logic. BBVA retains eventual control and, post-evaluation, could merge entities fully. Most integration planning can proceed鈥擨T harmonisation, product alignment鈥攚hile respecting legal separation. Given BBVA鈥檚 strong capital base, the time-phased approach is unlikely to derail financial targets beyond delayed synergies. Overall, the filing tilts positively for deal consummation and long-term market share expansion in Spain.
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) comunica che il Consiglio dei Ministri spagnolo ha formalmente autorizzato la sua offerta volontaria di acquisto per il 100% di Banco de Sabadell, S.A., superando un importante ostacolo regolamentare originariamente presentato alla CNMV il 24 maggio 2024. L'approvazione 猫, tuttavia, condizionata a un periodo di tre anni durante il quale BBVA e Sabadell devono mantenere entit脿 legali separate, capitale proprio e autonomia decisionale in quattro ambiti: (i) finanziamenti e credito鈥攕pecialmente per le PMI, (ii) politiche delle risorse umane, (iii) rete di filiali e servizi bancari, e (iv) programmi di lavoro sociale delle fondazioni. Al termine di questo periodo, il Consiglio valuter脿 se estendere la restrizione fino a due anni aggiuntivi.
Il Segretario di Stato per l'Economia e il Supporto alle Imprese (SEEAE) agir脿 come organismo di vigilanza. Tra sei e due mesi prima della scadenza del periodo triennale, entrambe le banche devono presentare (1) un rapporto dettagliato sullo stato che spiega come 猫 stata mantenuta la gestione separata e (2) un piano strutturale quinquennale pubblicamente accessibile che descriva l'impatto futuro della transazione sui criteri di interesse pubblico identificati.
Il governo conferma inoltre gli impegni richiesti in precedenza dall'autorit脿 spagnola per la concorrenza (CNMC). BBVA sta attualmente valutando la risoluzione ai sensi dell'Articolo 26.1 del AG真人官方 Decreto 1066/2007 per definire i prossimi passi procedurali. Non sono stati forniti termini finanziari dell'offerta n茅 ulteriori indicazioni sugli utili in questa comunicazione.
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) informa que el Consejo de Ministros de Espa帽a ha autorizado formalmente su oferta p煤blica voluntaria para adquirir el 100% de Banco de Sabadell, S.A., superando un importante obst谩culo regulatorio presentado inicialmente ante la CNMV el 24 de mayo de 2024. Sin embargo, la aprobaci贸n es condicionada a un periodo de tres a帽os durante el cual BBVA y Sabadell deben mantener entidades legales separadas, capital propio y autonom铆a en la toma de decisiones en cuatro 谩reas: (i) financiaci贸n y cr茅dito鈥攅specialmente para pymes, (ii) pol铆ticas de recursos humanos, (iii) red de sucursales y servicios bancarios, y (iv) programas sociales de las fundaciones. Tras este periodo, el Consejo evaluar谩 si extiende la restricci贸n hasta dos a帽os adicionales.
El Secretario de Estado de Econom铆a y Apoyo a la Empresa (SEEAE) actuar谩 como 贸rgano supervisor. Entre seis y dos meses antes de que finalice el periodo de tres a帽os, ambas entidades deben presentar (1) un informe detallado que explique c贸mo se mantuvo la gesti贸n separada y (2) un plan estructural quinquenal p煤blico que describa el impacto futuro de la transacci贸n en los criterios de inter茅s p煤blico identificados.
El gobierno tambi茅n confirma los compromisos previamente exigidos por la autoridad de competencia espa帽ola (CNMC). BBVA est谩 actualmente evaluando la resoluci贸n conforme al Art铆culo 26.1 del AG真人官方 Decreto 1066/2007 para determinar los pr贸ximos pasos procesales. No se proporcionan t茅rminos financieros de la oferta ni nuevas previsiones de ganancias en esta comunicaci贸n.
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)電� 鞀ろ帢鞚� 臧侂須岇潣臧� Banco de Sabadell, S.A.鞚� 100% 鞛愲皽鞝� 瓿店皽毵れ垬鞐� 雽�頃� 瓿奠嫕 鞀轨澑鞚� 頄堧嫟瓿� 氤搓碃頄堨姷雼堧嫟. 鞚措姅 2024雲� 5鞗� 24鞚� CNMV鞐� 鞝滌稖霅� 欤检殧 攴滌牅 鞝堨皑毳� 韱店臣頃� 瓴冹瀰雼堧嫟. 雼る, 鞚措矆 鞀轨澑鞚� BBVA鞕� Sabadell臧� 3雲� 霃欖晥 氤勲弰鞚� 氩曥澑, 鞛愲掣 氚� 雼れ潓 雱� 攵勳暭鞐愳劀 鞛愳湪鞝� 鞚橃偓瓴办爼鞚� 鞙犾頃挫暭 頃滊嫟電� 臁瓣贝攵赌 鞀轨澑鞛呺媹雼�: (i) 欷戩唽旮办梾 雽�靸� 旮堨湹 氚� 鞁犾毄, (ii) 鞚胳偓 鞝曥眳, (iii) 歆�鞝愲 氚� 鞚�頄� 靹滊箘鞀�, (iv) 鞛嫧鞚� 靷殞氤奠 頂勲攴鸽灗. 齑堦赴 3雲� 頉�, 臧侂須岇潣電� 斓滊寑 2雲� 於旉皜 鞐办灔 鞐秬毳� 瓴�韱犿暊 鞓堨爼鞛呺媹雼�.
瓴届牅 氚� 旮办梾 歆�鞗� 甑鞛リ磤(SEEAE)鞚� 臧愲弲 旮瓣磤 鞐暊鞚� 頃╇媹雼�. 3雲� 旮瓣皠 膦呺 6臧滌洈鞐愳劀 2臧滌洈 鞝� 靷澊鞐� 霊� 鞚�頄夓潃 (1) 氤勲弰 瓴届榿 鞙犾 順勴櫓鞐� 雽�頃� 靸侅劯 氤搓碃靹滌檧 (2) 瓯半灅臧� 鞁濍硠霅� 瓿奠澋 旮办鞐� 氙胳範 氙鸽灅 鞓來枼鞚� 靹る獏頃橂姅 5雲� 甑“ 瓿勴殟鞚� 瓿店皽頃挫暭 頃╇媹雼�.
鞝曤秬電� 霕愴暅 鞀ろ帢鞚� 瓴届焷 雼龟淡(CNMC)鞚� 鞚挫爠鞐� 鞖旉惮頃� 鞎届啀 靷暛鞚� 頇曥澑頄堨姷雼堧嫟. BBVA電� 順勳灛 鞕曤牴 1066/2007 鞝�26臁� 1頃棎 霐半ジ 瓴办爼鞚� 瓴�韱犿晿氅� 雼れ潓 鞝堨皑毳� 瓴办爼 欷戩瀰雼堧嫟. 鞚措矆 瓿奠嫓鞐愳劀電� 鞝滌晥鞚� 鞛 臁瓣贝鞚措倶 於旉皜 靾橃澋 鞝勲鞚� 鞝滉车霅橃 鞎婌晿鞀惦媹雼�.
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) annonce que le Conseil des ministres espagnol a formellement autoris茅 son offre publique volontaire portant sur 100 % de Banco de Sabadell, S.A., franchissant ainsi une 茅tape r茅glementaire cl茅 initialement d茅pos茅e aupr猫s de la CNMV le 24 mai 2024. Cette approbation est toutefois conditionnelle 脿 une p茅riode de trois ans durant laquelle BBVA et Sabadell doivent conserver des entit茅s juridiques distinctes, des fonds propres et une autonomie d茅cisionnelle dans quatre domaines : (i) financement et cr茅dit 鈥� notamment pour les PME, (ii) politiques de ressources humaines, (iii) r茅seau d鈥檃gences et services bancaires, et (iv) programmes sociaux des fondations. 脌 l鈥檌ssue de cette p茅riode initiale, le Conseil examinera la possibilit茅 de prolonger cette restriction jusqu鈥櫭� deux ann茅es suppl茅mentaires.
Le Secr茅taire d鈥櫭塼at 脿 l鈥櫭塩onomie et au Soutien aux Entreprises (SEEAE) agira en tant qu鈥檕rgane de supervision. Entre six et deux mois avant la fin de la p茅riode de trois ans, les deux banques doivent soumettre (1) un rapport d茅taill茅 expliquant comment la gestion s茅par茅e a 茅t茅 maintenue, et (2) un plan structurel quinquennal rendu public d茅crivant l鈥檌mpact futur de la transaction sur les crit猫res d鈥檌nt茅r锚t public identifi茅s.
Le gouvernement confirme 茅galement les engagements pr茅c茅demment exig茅s par l鈥檃utorit茅 espagnole de la concurrence (CNMC). BBVA 茅value actuellement la r茅solution en vertu de l鈥檃rticle 26.1 du d茅cret royal 1066/2007 afin de d茅terminer les prochaines 茅tapes proc茅durales. Aucun d茅tail financier de l鈥檕ffre ni indication suppl茅mentaire sur les r茅sultats ne sont fournis dans ce d茅p么t.
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) berichtet, dass der spanische Ministerrat sein freiwilliges 脺bernahmeangebot f眉r 100 % der Banco de Sabadell, S.A., formell genehmigt hat und damit eine wichtige regulatorische H眉rde 眉berwunden wurde, die urspr眉nglich am 24. Mai 2024 bei der CNMV eingereicht wurde. Die Genehmigung ist jedoch bedingt durch eine dreij盲hrige Frist, in der BBVA und Sabadell getrennte Rechtseinheiten, Eigenkapital und autonome Entscheidungsbefugnisse in vier Bereichen beibehalten m眉ssen: (i) Finanzierung & Kredit 鈥� insbesondere f眉r KMU, (ii) Personalpolitik, (iii) Filialnetz & Bankdienstleistungen und (iv) die sozialen Programme der Stiftungen. Nach Ablauf der Anfangsfrist wird der Rat pr眉fen, ob die Beschr盲nkung um bis zu zwei weitere Jahre verl盲ngert wird.
Das Staatssekretariat f眉r Wirtschaft und Unternehmensf枚rderung (SEEAE) wird als Aufsichtsorgan fungieren. Zwischen sechs und zwei Monaten vor Ablauf der dreij盲hrigen Frist m眉ssen beide Banken (1) einen detaillierten Statusbericht vorlegen, der erkl盲rt, wie die getrennte Verwaltung aufrechterhalten wurde, und (2) einen 枚ffentlich zug盲nglichen f眉nfj盲hrigen Strukturplan, der die zuk眉nftigen Auswirkungen der Transaktion auf die festgelegten 枚ffentlichen Interessen beschreibt.
Die Regierung best盲tigt au脽erdem die zuvor von der spanischen Wettbewerbsbeh枚rde (CNMC) geforderten Verpflichtungen. BBVA pr眉ft derzeit die Entscheidung gem盲脽 Artikel 26.1 des K枚niglichen Erlasses 1066/2007, um die n盲chsten Verfahrensschritte zu bestimmen. In dieser Meldung werden keine finanziellen Bedingungen des Angebots oder zus盲tzliche Gewinnprognosen angegeben.
UNITED STATES SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of June, 2025
Commission file number: 1-10110
BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
(Exact name of Registrant as specified in its charter)
BANK BILBAO VIZCAYA ARGENTARIA, S.A.
(Translation of Registrant’s name into English)
Calle Azul 4,
28050 Madrid
Spain
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F X Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes No X
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes No X
Banco Bilbao Vizcaya Argentaria, S.A. (“BBVA”), in compliance with the Securities Market legislation and further to the communication of other relevant information dated May 27, 2025 (with registration number 35008), hereby communicates the following:
INSIDE INFORMATION
In relation to the voluntary tender offer launched by BBVA for the entire share capital of Banco de Sabadell, S.A. (“Banco Sabadell”) (the “Offer”), for which the prior announcement was published as inside information on May 9, 2024 (with registration number 2241) and the request for authorisation was submitted to the Spanish Securities Market Commission (CNMV) on May 24, 2024, BBVA informs that, as of today, it has received the resolution of the Council of Ministers authorizing the economic concentration resulting from the Offer, subject to an additional condition to those commitments already submitted by BBVA and included in the resolution issued by the National Commission on Markets and Competition (CNMC) on April 30, 2025.
The resolution agreement of the Council of Ministers, including said condition, as notified to BBVA, is attached. BBVA is currently assessing the resolution for the purposes set forth in Article 26.1 of Royal Decree 1066/2007, of July 27, on the rules governing tender offers.
Madrid, June 24, 2025
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| MINISTRY OF THE PRESIDENCY, JUSTICE AND RELATIONS WITH THE COURTS |
MR. FÉLIX BOLAÑOS GARCÍA, MINISTER OF THE PRESIDENCY, JUSTICE AND RELATIONS WITH THE COURTS AND SECRETARY OF THE COUNCIL OF MINISTERS,
CERTIFY:
That at the meeting of the Council of Ministers held on June 24, 2025, the Resolution authorizing the BBVA/SABADELL economic concentration transaction (file C/1470/24 and CE/022/25) was approved and a condition was imposed on it, the literal text of which is as follows:
“THE COUNCIL OF MINISTERS
AGREES
1.- To authorize the BBVA/Banco Sabadell concentration (file C/1470/24 of the CNMC and CE/022/25 from the Ministry of Economy, Trade and Business), with a condition based on the following criteria of general interest, other than those relating to the defense of competition: i) guarantee of an adequate maintenance of the objectives of the sectoral regulation linked to support for growth and business activity, (ii) protection of workers, (iii) territorial cohesion, (iv) social policy objectives related to the social work of foundations, financial consumer protection and affordable housing and (v) promotion of research and technological development:
| | - | For a period of three years from the notification of this Resolution, BBVA and Banco Sabadell shall maintain separate legal personality and shareholders’ equity. Each entity must preserve autonomy in the management of its activity aimed at protecting the criteria of general interest indicated in the previous paragraph. Such autonomy must be materialized, at least, in the maintenance of autonomous management and decision-making in relation to decisions affecting the policy of: i) financing and credit, in particular to SMEs, ii) human resources, iii) network of branches and banking services, and iv) social work through their respective foundations. |
| | - | After three years have elapsed, the effectiveness of this condition will be evaluated and the Council of Ministers will determine whether to extend its duration to two more years. |
2.- The supervisory body shall be the Secretary of State for Economy and Business Support (hereinafter, SEEAE). The SEEAE will evaluate the effectiveness of the established condition. To assess this, it will require, between six and two months prior to the minimum end date of the period established in the condition (three years):
| | - | A status Report: BBVA and Banco Sabadell must submit a status Report for each of the entities to the SEEAE. This report, in particular, will detail the autonomous management model that has been carried out and its contribution to the maintenance of the criteria of general interest mentioned above. |
| | - | Long-term structural plan: each of the entities must prepare and publish on its website a long-term structural Plan detailing the extent to which its corporate strategy will affect, in at least the next five years, the criteria of general interest identified. |
Loose translation for information purposes
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| MINISTRY OF THE PRESIDENCY, JUSTICE AND RELATIONS WITH THE COURTS |
3.- Confirm the commitments established by the Competition Chamber of the National Commission on Markets and Competition (hereinafter, CNMC) in the annex to its Resolution dated April 30, 2025, in the BBVA/Banco Sabadell file (C/1470/24).
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | Banco Bilbao Vizcaya Argentaria, S.A. |
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| Date: June 24, 2025 |
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| | | By: /s/ Victoria del Castillo Marchese |
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| | | Name: Victoria del Castillo Marchese |
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| | | Title: Global Head of Strategy & M&A |
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Source:
FAQ
What did the Council of Ministers approve regarding BBVA (BBVA)?
What is the key condition imposed on BBVA鈥檚 takeover of Sabadell?
Who will supervise compliance with the merger conditions?
When will the separation requirement be reviewed?
Does the filing include financial terms of the tender offer?
