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STD Banco Santander, S.A. Sponsored Adr (Spain)

6.10
0.00 (0.00%)
14 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Banco Santander, S.A. Sponsored Adr (Spain) NYSE:STD NYSE Ordinary Share
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 6.10 0.00 01:00:00

Banco Santander Looks to Take Over Mexican Subsidiary

12/04/2019 7:01am

Dow Jones News


Banco Santander (NYSE:STD)
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From Jun 2019 to Jun 2024

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   By Anthony Shevlin 
 

Spain's Banco Santander SA (SAN.MC) said Friday that it intends to make an offer to acquire all the shares it doesn't already hold in its Mexico subsidiary, Banco Santander SA Institucion de Banca Multiple Grupo Financiero Santander Mexico (BSMX.MX).

The Spanish bank said the offer would be for up to approximately 25% of the subsidiary's share capital, and that it expects the deal to positively contribute to its CET1 ratio, be neutral on earnings per share and have a return on investment of around 14.5%.

"The offer will be voluntary and, therefore, minority shareholders of Santander Mexico may choose whether or not to participate in the transaction, which will not be subject to a minimum acceptance level," the bank said.

Shareholders who accept the offer at the expected consideration would receive 0.337 newly issued shares of Banco Santander for every share of Santander Mexico, as well as 1.685 American Depository Shares of Banco Santander for every ADS of Santander Mexico.

The exchange ratio implies a 14% premium based on the closing price of both banks' shares on April 11, or 22% based on the past month's volume weighted average price, the bank said.

The exchange offer is expected to be launched and settled in the second half of the year.

 

Write to Anthony Shevlin at anthony.shevlin@dowjones.com; @anthony_shevlin

 

(END) Dow Jones Newswires

April 12, 2019 01:46 ET (05:46 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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