Santander to Purchase Sovereign Bank in $1.9 Billion Deal

[Zenlitened]

Source: Bloomberg

Banco Santander SA, Spain's biggest lender, agreed to acquire Sovereign Bancorp Inc., the largest surviving U.S. savings and loan, in a stock swap valued at $1.9 billion.

Santander will offer Sovereign's stockholders 0.2924 Banco Santander American Depository Shares for each share they hold, equal to about $3.81 a share, according to a statement. The Spanish bank already owns 24.35 percent of Sovereign.

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Sovereign operates in the U.S. with 750 community offices and about 12,000 employees, according to a Sept. 30 statement.

The company became the largest public savings and loan or ``thrift'' in the U.S. last month when Seattle-based Washington Mutual Inc. collapsed and was absorbed by JPMorgan Chase & Co. Fifteen U.S. banks failed this year, the most since 1993.


Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=aBpdutwVujMo&refer=home

[Bake]

1. Carlos? Carlos Santander?

Is that you?

:rofl:

Bake