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Article: In Brief: Sovereign Delays Santander Trust Vote.(Sovereign Bancorp Inc., Banco Santander Central Hispano SA)(Brief article)
- Article from:
- American Banker
- Article date:
- September 6, 2006
- Author:
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Sovereign Bancorp Inc. said Tuesday that it withdrew a shareholder proposal to let Banco Santander Central Hispano SA vote all the shares it owns.
In its preliminary proxy filing last month, the Philadelphia company asked its shareholders to vote at its annual meeting Sept. 20 to terminate the voting trust that keeps Santander's shares from exceeding 19.99%.
But the $88.7 billion-asset company said in a press release Tuesday that its board "decided to withdraw this proposal at this time, because the time period before the Sept. 20 meeting is, in its view, too short to permit shareholders to adequately consider the proposal."
Sovereign said ...