Banco Santander shares gain 5.46% on the BMV; Spanish parent company announces offer to delist it from the market

The titles of Banco Santander México (BSMX) gained 5.46% this Friday on the Mexican Stock Exchange (BMV), after announcing that its Spanish controller will launch an offer to buy all its shares listed on the stock market, with which it will finally finalize its exit from the market.

“The Board of Directors of Santander México has been informed of the intention to Santander Bank to make a public takeover bid for all the shares of Banco Santander México that are not yet owned by them”, the bank announced.

Through a notice, available on the BMV, he pointed out that he has hired external legal and financial advisors to start with the public offer of acquisition (OPA)which it expects to launch and settle no later than the first quarter of 2023.

The shares that the banking institution seeks to buy represent 3.76% of the outstanding capital stock of BSMX, which are in the hands of minority investors in the local stock market.

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Once the OPA period is over, if the necessary number of shares have been acquired, then the listing of Banco Santander México from the Mexican Stock Exchange and also of the American Depositary Shares (ADS) registered in the Stock Exchange will be cancelled. of New York (NYSE).

For this, it will need the approval of the extraordinary general meeting of shareholders of Santander México, with the favorable vote of the holders who represent at least 95% of the share capital of Santander México.

Until the close of this Friday, each share of BSMX was exchanged at 22.79 pesos. During the negotiations they reached a maximum price of 23.50%, equivalent to an increase of 8.75 percent. In the year, it accumulates a fall of 3.18 percent.

In the statement, Banco Santander Mexico He explained that the board of directors agrees that the operation be carried out and said that it will express its opinion when the terms of the takeover bid are made public.

“The board of Banco Santander México is acting for these purposes with the participation only of its independent members,” he pointed out.

He added that the initiation of the OPA and its closing is subject to certain conditions, including authorization and review by regulators in Mexico and the United States.

Since 2019, Banco Santander has sought to delist its Mexican subsidiary from the BMV. Since then he has launched two acquisition offers with which he has increased his ownership to 96.2 percent. This will be the third attempt to delist BSMX from the Mexican Stock Exchange.

In December 2021, the second OPA concluded with which its shareholding went from 91.6 to 96.2%, it wanted 100%, for which it improved the conditions by offering a higher prize or yield, equivalent to 10.41%, on the price of 24 pesos per share previously announced.

With its second offer, it acquired just over 300 million shares that were paid at 26.5 pesos per title, including the American Depositary Shares (ADS) for 6.2486 dollars each.

“The offers are consistent with Banco Santander’s strategy of increasing its weight in growth markets and reflect Banco Santander’s confidence in Mexico and Santander Mexico, as well as their long-term growth potential. The impact of the offers on the capital of Grupo Santander will not be significant”, reiterated the banking institution in Spain.

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