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Article: Sovereign Seeks Santander Voting Rights Increase.(Sovereign Bancorp, Banco Santander Central Hispano SA )
- Article from:
- American Banker
- Article date:
- August 24, 2006
- Author:
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This year Sovereign Bancorp avoided having to win shareholder approval to sell a stake in itself to Banco Santander Central Hispano SA by keeping the percentage it sold just low enough so it did not trigger so-called change in control rules.
Since the deal closed May 31, Santander's stake in the Philadelphia company has risen above 20% -- the level the New York Stock Exchange said constitutes a change in control. On Wednesday, Sovereign filed a proxy statement asking its shareholders to recognize the Spanish company's increased voting rights at its annual meeting to be held Sept. 20 in Foxborough, Mass.
By buying shares in the open market under its ...