3rd Jun 2005 07:00
Banco Bilbao Vizcaya Argentaria SA02 June 2005 "BBVA, S.A.", pursuant to the provisions of article 82 of the SpanishSecurities Market Act, proceeds by means of the present document to notify thefollowing: RELEVANT EVENT BBVA has notified today to the (Spanish) National Energy Commission that, incompliance with the contents of such Commission's decision of April 28, 2005,BBVA has opted for the maintenance of its full political rights regarding itsstake and the presence of institutional directors in Iberdrola S.A., theprincipal operator in the production and distribution market of natural gas. In compliance with said decision and as a consequence of the option abovementioned, the institutional directors appointed -following BBVA's suggestion -to the board of directors of REPSOL YPF, S.A., the other operator in the naturalgas market in which BBVA has a stake greater than 5%, have filed today theirresignation as directors of said company. Additionally, the voting rights corresponding to the stake of BBVA in REPSOLYPF, S.A. exceeding 3% of the share capital may not be exercised except inconnection with the approval of the annual accounts, the management report andthe proposal of income distribution. BBVA may not enter into any agreement ofreciprocal participation in the share capital or voting rights with anyshareholder of REPSOL YPF, S.A. BBVA may not exercise the information rightsthat may be recognised to shareholders with a participation greater than 3%.Finally, BBVA may not enter into any agreement with other shareholders whoseobject is to approve or block the approval of corporate agreements in thegeneral shareholders meeting of REPSOL YPF, S.A. Madrid, June 2, 2005 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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