Santander: wants to buy rest of Mexican unit
(CercleFinance.com) - Santander aims to buy the rest of its Mexican subsidiary to benefit from the financial sector's potential in Mexico, the Spanish bank said on Friday.
Banco Santander today announced its intention to offer to acquire up to 25% of Santander Mexico, currently one of the country's leading banks in Mexico, through an exchange offer of 2.6 billion euros, to be paid with new shares.
According to the terms of the deal, shareholders of the group's subsidiary in Mexico will receive 0.337 new Banco Santander shares for each Santander Mexico share, or 1.685 new Banco Santander ADSs for every Santander Mexico ADS, which implies a premium of 14%.
The deal is expected to have a neutral impact on EPS and a slightly positive impact on capital, Santander said.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Banco Santander today announced its intention to offer to acquire up to 25% of Santander Mexico, currently one of the country's leading banks in Mexico, through an exchange offer of 2.6 billion euros, to be paid with new shares.
According to the terms of the deal, shareholders of the group's subsidiary in Mexico will receive 0.337 new Banco Santander shares for each Santander Mexico share, or 1.685 new Banco Santander ADSs for every Santander Mexico ADS, which implies a premium of 14%.
The deal is expected to have a neutral impact on EPS and a slightly positive impact on capital, Santander said.
Copyright (c) 2019 CercleFinance.com. All rights reserved.