Santander Brasil Drops Before Spanish Parent’s Buyout Offer Ends
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Banco Santander Brasil SA tumbled as much as 12 percent, the biggest intraday drop since January, as its Spanish parent prepares to conclude an offer to buy 25 percent of the bank it doesn’t already own.
The unit’s shares were down 6.8 percent to 14.02 reais in Sao Paulo at 4:40 p.m. before Madrid-based Banco Santander SA’s voluntary offer to swap its stock for the subsidiary’s ends tomorrow. The unit plans to remain listed with a free float of less than 25 percent of its total shares, its chief executive officer, Jesus Zabalza, said in April.