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Article: Sovereign Bancorp and Banco Santander Agree to Revised Investment Terms.
- Article from:
- PR Newswire
- Article date:
- November 22, 2005
CopyrightCOPYRIGHT 2005 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PHILADELPHIA, Nov. 22 /PRNewswire-FirstCall/ -- Sovereign Bancorp, Inc. announced today that it and Banco Santander Central Hispano, S.A. have revised their Investment Agreement and that they have been advised by the staff of the New York Stock Exchange (NYSE) that the initial issuance of shares to Santander under the Agreement as revised will not require shareholder approval under the NYSE rules. Sovereign acknowledges the effort and governance expertise that NYSE Regulation brought to bear in this matter.
Sovereign said the principal changes to the Agreement include the following:
* The elimination of both Santander's veto with respect to the ...