April 15, 2019 |
Spain's Santander said it wants to take full control of its Mexican subsidiary through an all-stock offer worth roughly €2.56bn ($2.89bn).
"Today we are announcing our intention to repurchase the minority shareholders' stakes in Santander México. We believe in Mexico, in the potential of its financial sector and in Santander México, which is today one of the leading banks in the country," Ana Botín, executive chairman of Santander, said during a speech at the bank's annual shareholders' meeting
Spanish bank offers minority shareholders a 14% premium to swap their stakes for new shares in the parent company