Banco Santander has decided to launch a public takeover offer (takeover offer) of shares in cash on approximately 3.76% of the capital it does not control in Santander Mexico and will exclude it from the exchange, the entity reported to the National Securities Market Authority (CNMV) Friday. .
In December 2021, Banco Santander increased its stake in the Mexican subsidiary from 91.64% to 96.16% after the deadline for accepting an offer to buy back minority shares in Santander México he did not own. To deal with this process, the entity headed by Anna Putin spent about 341 million euros.
Banco Santander expects the launch and settlement of the offers, which will be presented 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 offerings are in line with its strategy to increase its weight in growing markets and reflect its strength in Mexico and Santander Mexico, as well as its long-term growth potential.
After concluding the same order, Banco Santander intends to deregister Series B shares in the National Securities Registry of the National Commission for Banks and Securities (CNBV) and withdraw their listing in the Mexican Stock Exchange (BMV). Likewise, ADSs will be withdrawn from listing on the New York Stock Exchange and Series B shares from registration with the Securities and Exchange Commission (SEC).
The consideration for shareholders accepting the offers will be equal to the book value of the Series B shares, according to the latest quarterly report submitted by Santander México to CNBV and BMV prior to the launch of the offers in accordance with applicable legislation. .
To implement the cancellation, it must be approved by the extraordinary general meeting of shareholders of Santander Mexico, with a positive vote of the owners of shares representing at least 95% of the share capital of Santander Mexico.
Banco Santander currently owns, directly and indirectly, more than 96% of the share capital of Santander México, therefore the said agreement will be effectively adopted at the extraordinary general meeting which is expected to be called for these purposes in the near future.
The initiation and completion of offers, which are of a compulsory nature, are subject to certain conditions, including the authorization and review of the CNBV and SEC, respectively, or the absence of any material adverse change in the financial position.