Banco Santander to launch an exchange offer to acquire the outstanding shares of Santander Brazil (14.11 +0.73)
- Banco Santander intends to launch an offer to acquire all of Santander Brazil's (BSBR) issued and outstanding common shares, preferred shares, units and American Depositary Shares (ADSs) that it does not already own, representing approximately 10% of Santander Brazil's share capital.
- Santander offers a premium of 15% over the reference share price for a total consideration of up to €1,908 mln.
- The consideration will consist of newly issued Banco Santander shares representing up to 1.1% of the share capital today.
- The transaction underscores Santander's confidence in the potential of its Brazilian subsidiary and enables shareholders in Santander Brazil to become shareholders in one of the world's strongest and most profitable financial groups.
- Depending on the results of the offer, Santander Brazil's ADSs may be removed from listing on the NYSE.