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Banco Santander launches exchange offers for Mexican unit's shares

Spanish lender Banco Santander SA launched exchange offers to acquire all issued and outstanding series B shares and American depositary shares in Banco Santander México SA that it does not already own, representing about 25% of the Mexican unit's stock.

As part of the transaction, Banco Santander will exchange 0.337 of its ordinary shares for each Santander México share and 1.685 of its ADSs for each Santander México ADS, with the exchange ratio entailing an estimated maximum investment of about €2.56 billion to be paid with new shares.

In July, Banco Santander's shareholders approved the capital increase of up to €2.56 billion for the purchase of the 24.95% stake in Santander México that would give it full control of the subsidiary.

The exchange offers are subject to customary regulatory and other conditions. Banco Santander has received authorization from Mexico's National Banking and Securities Commission for the offer and subscription to be carried out in Mexico.