Santander shareholders back Abbey deal

21st October 2004, Comments 0 comments

21 October 2004, SANTANDER - Shareholders of Spain's largest bank, Banco Santander Central (SCH), approved Thursday the EUR 12.3 billion takeover of British mortgage bank Abbey National.

21 October 2004

SANTANDER - Shareholders of Spain's largest bank, Banco Santander Central (SCH), approved Thursday  the EUR 12.3 billion takeover of British mortgage bank Abbey National.

The deal, which is alternatively worth GBP 8.5 billion and USD 15.3 billion was agreed at a meeting of shareholders in the northern city of  Santander.

They agreed to the circulation of 1.51 billion new shares to set in train an operation leading to the creation of the world's tenth-largest bank.

The move came a week after two thirds of Abbey shareholders gave the proposed deal the go-ahead.

The European Commission approved the proposed takeover of Abbey by Spain's biggest bank last month.

Abbey first announced in late July that it had accepted a takeover bid from SCH of one new SCH share and a special cash dividend of 31 pence for each Abbey share.

[Copyright EFE with Expatica]

Subject: Spanish news
  

 

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