MADRID, Feb 7 (Reuters) - Spain's Santander on
Tuesday said it has launched a voluntary tender offer to acquire
the 3.76% of shares in its Mexican unit it does not own as a
step prior to its delisting.
Following the conclusion of the tender offer, which is
expected to remain in place until March 8 though could be
extended, Santander intends to delist the shares in Mexico and
the United States.
The offer price to shareholders is set at 24.52 Mexican
pesos ($1.28) in cash per Series B share in Mexico and the U.S.
dollar equivalent of 122.6 pesos in cash per its American
Depositary Shares listed in New York.
Over the past few years, Santander has expanded in emerging
economies in search of faster growth than in core markets in
Europe, where ultra-low interest rates had made the banking
business less profitable.
(Reporting by Matteo Allievi, Tiago Brandao, Natalia Siniawski
and Jesus Aguado; Editing by David Latona, Inti Landauro and
Sharon Singleton)
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