Banco Santander takes control of 96.16% of its Mexican subsidiary after the takeover bid

Banco Santander announced this morning through the CNMV that it will increase its stake in Santander México from 91.64% to 96.16% as a result of the takeover bid for the Mexican subsidiary to gain full control.

After the end of the acceptance period for the offer aimed at repurchasing the minority shares of Santander México that it did not own, Banco Santander has reported that “it has accepted all the Santander México shares and the Santander México ADSs that participated in the Offer. Therefore, assuming that all Santander México ADSs offered by means of a guaranteed delivery notice are delivered in a timely manner, Grupo Santander’s stake in Santander México will have increased from the current 91.64% to 96.16% as a result of the Offers “, points out.

Specifically, the holders of more than 300 million shares have accepted the offer, representing 54.53% of the Santander México shares to which the tender offer was directed and 4.51% of the entity’s total share capital. .

To satisfy the payment of the offers, Banco Santander will pay 5,174,488,898.00 Mexican pesos for the shares of Santander México and 138,510,091.40 US dollars for the ADSs of Santander México, on December 10, 2021, the settlement date of the Offers, which It is equivalent to an outlay of about 341 million euros.

When it launched the offer, Banco Santander stressed that the operation was positive for the shareholders of the Mexican entity, by giving them the possibility of disinvesting in a security with limited liquidity, and for Santander shareholders, by improving the capacity for growth and investment. generation of group capital. The group chaired by Ana Botín considers that the takeover bid for Santander México is consistent with its strategy of allocating its capital to countries with greater growth potential, given that Mexico is one of its main markets for the Santander group and offers good long-term prospects .

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