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Article: In Brief: Relational Sues Sovereign and Santander.(Relational Investors LLC, Sovereign Bancorp Inc., Banco Santander Central Hispano SA)(Brief Article)
- Article from:
- American Banker
- Article date:
- December 13, 2005
- Author:
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Relational Investors LLC sued Sovereign Bancorp Inc. and Banco Santander Central Hispano SA on Monday over the Madrid company's agreement to acquire a stake in Sovereign.
Relational, a San Diego, Calif., fund management firm, is Sovereign's largest shareholder. It said in its suit, filed in the U.S. District Court for the Southern District of New York, that it is seeking a "declaratory judgment" that the deal would constitute a change in control at Sovereign under Pennsylvania law.
In October, Santander said it would buy a 19.8% stake in Sovereign to enable the Philadelphia company to buy Independence Community Bank Corp. of Brooklyn, N.Y.
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