Santander launches a takeover bid on the 3.76% that it does not control in its Mexican subsidiary and will exclude it from the Stock Market

Santander Bank decided to launch a Takeover bid (OPA) of shares in cash over approximately 3.76% of the capital stock that it does not control Santander Mexico and will exclude it from the Stock Exchange, as reported this Friday by the entity to the National Securities Market Commission (CNMV).

In December 2021, Banco Santander increased its stake in the Mexican subsidiary from 91.64% to 96.16% after the deadline for accepting the offer to repurchase the minority shares of Santander México that it did not own. To deal with this operation, the entity chaired by Ana Botin disbursed about 341 million euros.

The Spanish bank expects to launch and settle the offers, which will be made in Mexico and the United States, no later than the first quarter of 2023, and estimates that their impact on the group’s capital will not be significant.

The entity highlighted that the offers are consistent with its strategy of increasing its weight in growing markets and reflect its strength in Mexico and Santander Mexico, as well as its long-term growth potential.

After the conclusion of the same, Santander intends to cancel the registration of the series B shares in the National Securities Registry of the National Baking and Stock Commission (CNBV) and withdraw its listing in the Mexican stock exchange (BMV). Likewise, it will withdraw the ADSs from listing on the New York Stock Exchange and the series B shares from registration with the Securities and Exchange Commission (SEC).

The consideration for the shareholders who accept the offers will be equal to the book value of the series B shares, according to the last quarterly report of Santander México presented to the CNBV and the BMV before the launch of the offers in accordance with the applicable legislation.

To carry out the cancellation, it will have to be approved by the extraordinary general meeting of shareholders of Santander Mexico, with the favorable vote of the owners of the shares that represent at least 95% of the capital stock of Santander Mexico.

Banco Santander currently owns, directly and indirectly, more than 96% of the capital stock of Santander México, so said agreement will be effectively adopted at the extraordinary general meeting that is expected to be called for such purposes in the near future.

The initiation of the offers, of a compulsory nature, and their consummation is subject to certain conditions, including the authorization and review of the CNBV and the SEC, respectively, or the absence of any material adverse change in the financial situation.

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