By Ed Frankl

 

Banco Santander SA said Wednesday that it has increased its stake in its Mexican subsidiary at the close of a tender offer.

The Spanish bank said in October that it would launch an offer to buy out Banco Santander Mexico SA for 26.50 Mexican pesos ($1.26) in cash per Santander Mexico share, and $6.25 in cash per Santander Mexico American Depositary Share.

At the expiration of the offer, Santander's shareholding in Santander Mexico increased to 96.2% from 91.6%of its share capital, the bank said.

Santander will pay out MXN5.17 billion for the tendered Santander Mexico shares and $131.5 million for the tendered ADSs.

 

Write to Ed Frankl at edward.frankl@dowjones.com

 

(END) Dow Jones Newswires

December 08, 2021 02:57 ET (07:57 GMT)

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