Santander bets on Brazil with acquisition plan

Santander bets on Brazil with acquisition plan

M&A

Five years after listing its Brazilian operations, Santander announced plans on Tuesday to reintegrate the full the subsidiary back into the parent group. The Spanish lender will offer 0.7 of its own shares in exchange for each unit or ADR in Santander Brasil. The pricing works out to a 20% premium to Santander Brasil’s BRL12.74 closing price on Monday, the bank said. The voluntary transaction underscores the importance of emerging economies to the Spanish firm’s profits: around 43% of the banks

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