Santander Seeks Brazil Unit Buyout, Pitching Recovery In Europe

wochit business
April 29, 2014 AT 11:44 AM
Banco Santander SA on Tuesday launched a 4.7 billion euro offer for the 25 percent of its Brazilian unit it does not already own, giving investors a chance to gain exposure to a budding recovery of the euro zone's largest bank. Under the proposed deal, minority investors in Banco Santander Brasil SA would receive up to 665 million shares of the Madrid-based lender in a voluntary swap.That represents a 20 percent premium to Santander Brasil's closing price on Monday.