Santander Bids 1.9B Euros for Brazil Unit
Spanish lender Santander offered to acquire the remaining ten percent stake in its Brazil unit for about 1.9 billion euros. The bank will issue new shares to fund the deal following a five percent rise in the exchange ratio. Shareholders will vote on the capital increase in December.
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BANCO SANTANDER SA offered to acquire the remaining 10% stake in its Brazil unit for €1.9 billion ($2.1 billion) through a share swap on Thursday morning. The revised bid follows a 5% increase in the exchange ratio after shares in the Latin American subsidiary rose 10% since July 30. Spain's largest lender is moving to consolidate ownership despite tightening margins and rising provisions across its South American operations.
