Santander raises exchange ratio 5% for offer to buy Santander Brasil minority shares
SAN•Banco Santander raised its exchange offer ratio by 5% to acquire the approximately 10% of Santander Brasil it does not own. Full acceptance would require about 166 million new shares, or 1.1% of current capital, with maximum consideration of approximately €1.9 billion.
1. Revised offer terms
Holders would receive 0.4260 newly issued Santander shares per unit or ADS, or 0.2130 per common or preferred share, before dividend adjustments. The dividend-adjusted ratios are 0.4246 per unit or ADS, 0.2124 per common share and 0.2122 per preferred share.
2. Vote and approvals
Shareholders are expected to vote on the required capital increases on December 15, 2026. The offer remains subject to regulatory approvals.
