MADRID (Reuters) - Spain’s Banco Santander said on Friday it has increased by 10.4% its offer to buy out the 8.3% stake it does not already own in its Mexican unit, a move seeking to strengthen its grip on its Latin American businesses.
Santander said on Friday it was offering Banco Santander Mexico’s minority shareholders 26.5 Mexican pesos ($1.30) per share, up from 24 Mexican pesos previously.
The offer, which the lender expects to launch on November 3, would be worth more than 600 million euros ($700 million).
Santander has expanded in emerging economies where it hopes to register a faster growth than in Spain and Britain, its core markets in Europe.
($1 = 20.4515 Mexican pesos)
Reporting by Jesús Aguado; editing by Inti Landauro
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