Santander Shareholders Approve Takeover of Mexican Subsidiary
July 23 2019 - 4:57AM
Dow Jones News
By Nathan Allen
Banco Santander SA (SAN.MC) said Tuesday that its shareholders
have approved a capital increase to buy out minority shareholders
in the bank's Mexican subsidiary.
At an extraordinary general meeting shareholders authorized
Santander to issue up to 2.56 billion euros ($2.87 billion) in new
shares to take over the 24.95% of Banco Santander (Mexico) SA
Institucion de Banca Multiple Grupo Financiero Santander Mexico
(BSMX.MX) currently held by minorities.
Minority shareholders who subscribe to the buyout will receive
0.337 Santander shares for every Santander Mexico share.
"We believe that the Mexican economy is attractive and is one of
the economies with greatest potential in Latin America," Santander
Chairman Ana Botin said.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
July 23, 2019 04:42 ET (08:42 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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