Banco Santander raises its stake in its Mexican subsidiary from 96.2% to 99.8%

MADRID, 11 Abr.

Banco Santander raises its stake in its Mexican subsidiary from 96.2% to 99.8%


Banco Santander has raised its stake in its Mexican subsidiary from the current 96.2% to 99.8% after concluding the takeover bids (OPAs) that it launched in February simultaneously in the Mexican and US markets, as reported this Tuesday the entity to the National Securities Market Commission (CNMV).

The bank announced last February both takeover bids to acquire approximately 3.76% of the shares it did not own in its Mexican subsidiary. Finally, the entity has acquired 3.60% of the capital of Santander México, bringing its participation in this subsidiary to 99.8%.

The takeover bids launched in Mexico and the United States by the bank chaired by Ana Botín were made for all the Series B shares of Banco Santander México and the American Depositary Shares (ADS), which each represent five Series B shares. of the subsidiary

The consideration for the shareholders who have accepted the offers is 24.52 Mexican pesos (1.24 euros at the current exchange rate) in cash for each series B share and 122.6 Mexican pesos (6.20 euros) in cash for each ADS.

The bank, which expects to pay the acquisition price for this offer next Thursday, April 13, anticipates that the impact of the takeover bids on the group's capital will not be significant.

Santander intends to cancel the registration of series B shares in the National Securities Registry of the National Banking and Securities Commission (CNBV) and withdraw their listing on the Mexican Stock Exchange (BMV).

Likewise, it will withdraw the ADSs from the listing on the New York Stock Exchange and the series B shares from the registry before the Securities and Exchange Commission (SEC).

The offers were originally scheduled to close on March 8, but Santander extended the deadline to April 10.

Pursuant to Mexican law, Banco Santander and its Mexican subsidiary will establish a trust on the date of cancellation of the registration of the Series B Shares in the National Securities Registry maintained by the CNBV.

The holders of the Series B shares that remain outstanding after the conclusion of the offerings will have the right, but not the obligation, to sell these securities to the trust at any time during a period of six months from the date on which the trust is incorporated. same cash price offered in the takeover bids.

When launching these offers, the entity explained that these operations are consistent with its strategy of increasing its weight in growing markets and reflect its confidence in the country and its subsidiary, as well as its long-term growth potential.

In December 2021, Banco Santander increased its stake in the Mexican subsidiary from 91.64% to 96.2% after the acceptance period for the offer to repurchase the minority shares of Santander México that it did not own had expired. To face this operation, the entity chaired by Ana Botín disbursed some 341 million euros.

Santander México obtained in 2022 an attributable net profit of 1,213 million euros, 48.6% more than in 2021, according to the accounts recently presented by the group.