MADRID, April 11 (Reuters) – Santander (SAN.MC) will improve its stake in its Mexican unit to 99.8% from 96.2% following a young supply for all excellent shares within the enterprise, the Spanish financial institution mentioned on Tuesday, because it strikes forward with plans to delist it.
Over the previous few years Santander has expanded in rising economies looking for sooner development than in Europe, the place ultra-low rates of interest had made banking much less worthwhile.
Spain’s greatest financial institution had set the supply value to Santander Mexico (BSMXB.MX) shareholders at 24.52 Mexican pesos ($1.35) for every Sequence B share in Mexico and the U.S. greenback equal of 122.6 pesos for every American Depositary Share (ADS) listed in New York.
That valued the unit at round 8.4 billion euros. The Spanish financial institution expects to pay the acquisition value for Sequence B Shares and ADSs on Thursday.
The Spanish financial institution will incorporate a repurchase belief on the date of the cancellation of the B shares, and mentioned holders of excellent shares may have the precise to promote them to the belief for a similar quantity inside a six-month interval.
Santander will have the ability to delist the shares of its unit from the Mexican inventory change and take away its ADSs from the New York inventory change
Reporting by Jesús Aguado; Modifying by Inti Landauro and Jan Harvey
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