Santander has announced its intention to launch a new takeover bid (OPA) to acquire 3.76% of the capital that it does not yet control of its Mexican subsidiary to exclude it from the Stock Exchange, as reported by the entity to the National Commission on Friday. of the Stock Market (CNMV).
“Banco Santander communicates its intention to make simultaneous public acquisition offers in Mexico and the United States,” explains the entity in the note sent to the CNMV. And he adds that the offer will be for the titles “that are issued and in circulation and that are not owned, directly or indirectly, by Banco Santander.” These shares, it says, “represent approximately 3.76% of the capital stock of Santander Mexico.”
Regarding deadlines, Santander expects to launch and settle the offers no later than the first quarter of next year. And it foresees that the impact on the capital of the group will not be significant. The group’s objective is to exclude the company from the Stock Exchange, as explained in its statement to the market supervisor.
In December 2021, the Spanish financial group increased its stake in its 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, with which it already intended to reach 100% —although membership was below—, the entity disbursed some 341 million euros.
Santander has also highlighted that the offers are consistent with its strategy of increasing its weight in growing markets. In addition, it reflects the importance that it gives to Mexico, as well as the confidence in its long-term growth potential. Until June, the bank earned 4,894 million, of which 546 million were generated in the Mexican market.
In the absence of the general assembly
The operation needs to receive the green light from the extraordinary general meeting of shareholders of Santander Mexico. To carry it out, it will have to receive the approval of the holders of the shares that represent at least 95% of the subsidiary’s share capital. The group already owns, directly or indirectly, more than 96% of the capital, so the agreement is taken for granted. There is still no date for said assembly, but it will be convened in the near future.
The beginning of the offers, of a compulsory nature, and their consummation is subject to certain conditions. For example, it requires the authorization and review of the Mexican and United States stock market supervisors, respectively, as well as the absence of any material adverse change in the financial situation.