Santander Bank will increase from 91.64% to 96.16% its participation in Santander Mexico as a consequence of the voluntary Public Offering of Acquisition of shares (OPA) launched on its Mexican subsidiary to gain full control, as reported by the Spanish bank to the National Securities Market Commission (CNMV).
After the end of the acceptance period for the offer aimed at repurchasing the minority shares of Santander Mexico that it did not own and that represented approximately 8.3% of the subsidiary’s capital stock, Santander informed that its participation will increase to 96.16 percent.
Specifically, the holders of more than 300 million shares have accepted the offer, representing 54.53% of the shares of Santander Mexico to which the OPA was addressed and 4.51% of the entity’s total share capital.
To deal with the purchase of these shares, Santander will pay on December 10, 2021 (date of settlement of the offer) a total of 5,174 million pesos (about 218 million euros) for the shares of Santander Mexico and 138.5 million dollars for the Santander México ADSs, which is equivalent to a disbursement of about 341 million euros.
Santander offered a consideration of 26.5 pesos for each Santander México share and its equivalent (6.2486 dollars) for each American Depositary Share, the securities listed on the New York Stock Exchange.
When he launched the offer, Santander highlighted 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 the shareholders of Santander, by improving the group’s capacity for growth and capital generation.
The group chaired by Ana Botín considers that the OPA on Santander Mexico It is consistent with its strategy of allocating its capital to countries with greater growth potential, given that Mexico is one of Santander’s main markets and offers good long-term prospects.
Reference-www.eleconomista.com.mx