Santander plans share exchange offer for remaining 10% stake in Santander Brazil, valuing deal at up to EUR 1.91 billion
SAN•SAN•SAN•SAN•Holders would receive 0.4056 new Banco Santander shares per Santander Brazil unit or ADS, or 0.2028 per common or preferred share.
Full take-up would require issuing about 156 million new shares, equal to roughly 1.1% of current share capital.
Santander Brazil would remain listed in São Paulo; its NYSE ADS listing could be discontinued depending on tender results.
Banco Santander plans a share-for-share exchange offer for the roughly 10% of Santander Brazil it does not already own.
The offer implies a 15% premium to the reference price, with total consideration of up to EUR 1.91 billion.
