Santander weighs EUR 5bn-plus stock sale in event of Banco Popular bid - report
07 JUN 2017
Banco Santander [BME:SAN] of Spain is discussing with advisers, a potential EUR 5bn-plus capital increase via a stock sale if it proceeds with a bid for smaller competitor Banco Popular Espanol [BME:POP], a newswire report said on Tuesday (June 6).
Sources familiar with the situation said underwriting commitments for the potential sale were being discussed, Bloomberg reported.
A Santander representative declined to make any comment, the report said.
Popular has a market cap of about EUR 1.3bn after its shares plummeted over the past week amid concerns over the effects of toxic mortgages on its balance sheet, the report noted.