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Banco Santander announces offer to acquire 25 pct of its Brazilian subsidiary


Monday, 28 Apr 2014 08:00pm EDT 

Banco Santander SA:Board to make offer to acquire all shares of Banco Santander Brasil not already held by Grupo Santander.Shares to represent about 25 percent of Santander Brasil share capital.Banco Santander to offer 20 percent premium over last closing market price.Consideration offered to be paid by means of Banco Santander shares.Transaction expected to be completed by Oct. 2014.Santander to acquire all shares held by shareholders accepting offer.Santander not to delist Santander Brasil from either Sao Paulo stock exchange or New York Stock Exchange.Banco Santander shares to be traded on Sao Paulo stock exchange through Brazilian Depositary Receipts (BDRs).Shareholders who accept offer to receive, through BDRs or through American Depositary Receipts (ADRs), 0.70 newly-issued shares of Banco Santander for every unit or ADR of Santander Brasil.If all shares held by minority shareholders were tendered in offer, Banco Santander would have to issue about 665 million shares, which represent 5.8 percent of current share capital (4,686 million euros). 

Company Quote

8.5
0.22 +2.66%
21 Nov 2014