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Santander to buy shares of Brazil unit

Spanish bank Banco Santander said that it offers to acquire all shares of Banco Santander Brasil not already held by Grupo Santander, representing about 25% of Santander Brasil’s share capital. Banco Santander said it will offer a 20% premium over the last closing market price. The consideration offered under the transaction, which is expected to be completed by October, would be paid by means of Banco Santander shares. The company noted that offer is voluntary and, therefore, minority holders of Santander Brasil may choose whether or not to participate in the transaction, which is not subject to a minimum acceptance level. Santander said it will acquire all shares held by shareholders accepting the offer and has no intention of causing the delisting of Santander Brasil from either the Sao Paulo stock exchange or the New York Stock Exchange. Banco Santander shares will be traded on the Sao Paulo stock exchange through Brazilian Depositary Receipts or BDRs.

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