BRASILIA, July 31 Banco Santander SA
said on Thursday it could change the swap ratio in a buyout of
its Brazilian unit if there is a delay in the transaction.
The Madrid-based bank said in a filing that a delay of the
voluntary swap could coincide with the payment of dividends and
other remuneration to shareholders of both financial
On April 29, Santander launched a 4.7 billion euro ($6.5
billion) offer for the 25 percent of Santander Brasil SA
it does not already own. Santander, which is
emerging from Europe's worst economic crisis in decades, hopes
the buyout will cut costs, boost returns and lure clients to
Santander Brasil. At the time the transaction was expected to be
completed by October.
Under the current terms the shareholders who accept the
offer will receive 0.70 newly issued share of Santander for
every unit of Santander Brasil.
(Reporting by Alonso Soto; Editing by Steve Orlofsky)