Banco Santander launches €1.9 bn offer to buy remaining 10% of Santander Brazil

Santander Brazil 1.9 billion euros 15% premium exchange offer Ana Botín

Banco Santander announced a voluntary public exchange offer to acquire the roughly 10 % of Santander Brazil’s share capital that it does not already own. The maximum consideration is €1.908 billion, representing a 15 % premium over the reference price of Santander Brazil units.

Shareholders who accept the offer will receive 0.4056 newly issued Banco Santander shares for each unit or American Depositary Share and 0.2028 shares for each ordinary or preferred share. If all minority shareholders tender their shares, about 156 million new Banco Santander shares – roughly 1.1 % of the group’s capital – would be issued.

The proposal is voluntary, without a minimum acceptance condition, and does not aim to delist Santander Brazil, which will remain listed on the São Paulo exchange and, subject to regulatory approval, may continue trading on the New York Stock Exchange (though its ADS could be removed). The transaction is expected to be neutral to the group’s capital ratio while increasing earnings per share by approximately 0.5 % and tangible book value per share by about 0.6 % from 2028. Executive chair Ana Botín said the move reflects Santander’s long‑term commitment to Brazil, one of its core markets with strong fundamentals.

Entities: Ana Botín · Banco Santander · Santander Brazil · Santander Spain

Claims

What the coverage asserts, and how well corroborated each claim is across sources.

[● 10 SOURCES] Banco Santander proposes to acquire approximately 10 % of Santander Brazil’s share capital for up to €1.908 billion.
[● 8 SOURCES] The transaction is expected to be neutral to Santander’s capital ratio while increasing earnings per share by about 0.5 % and tangible book value per share by about 0.6 % from 2028.
[● 10 SOURCES] The offer includes a 15 % premium over the reference price of Santander Brazil units.
[● 9 SOURCES] Santander Brazil will remain listed on the São Paulo exchange and may stay on the New York Stock Exchange, though its ADS could be removed depending on the outcome.
[● 10 SOURCES] Executive chair Ana Botín said Brazil is a core market with strong long‑term fundamentals and that the deal reflects Santander’s disciplined capital allocation and long‑term commitment to Brazil.
[● 10 SOURCES] If fully accepted, about 156 million new Banco Santander shares (~1.1 % of capital) will be issued.
[● 10 SOURCES] The offer is voluntary and does not include a minimum acceptance condition.
[● 10 SOURCES] Shareholders who accept will receive 0.4056 new Banco Santander shares per unit or ADS and 0.2028 per ordinary or preferred share.