|
|
Article: Banco Santander, S.A. to Acquire Sovereign Bancorp.
- Article from:
- PR Newswire
- Article date:
- October 13, 2008
CopyrightCOPYRIGHT 2008 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)
|
Banco Santander to Acquire 75.65% of Sovereign Bancorp it Does Not Currently Own for Approximately US$1.9 billion (euro 1.4 billion)
MADRID, Spain and PHILADELPHIA, Oct. 13 /PRNewswire-FirstCall/ -- Banco Santander, S.A. and Sovereign Bancorp Inc., ("Sovereign") , parent company of Sovereign Bank ("Bank"), announced today that Banco Santander will acquire Sovereign in a stock-for-stock transaction. Santander currently owns 24.35% of Sovereign's ordinary outstanding shares. The Capital and Finance Committee composed of independent directors of Sovereign requested that Santander consider acquiring the 75.65% of the Company it did not currently own. The Capital ...