Santander Sets Sovereign Share Price

November 18, 2008, 2:00 a.m. EST 1 Min Read

Banco Santander SA, Spain's largest bank, is to offer Sovereign Bancorp Inc. investors 0.3206 of its American depository rights for each of their shares.

The new price would be $2.58 for each share of Philadelphia-based Sovereign, based on Santander's $8.05 per share price at 10:10 a.m. in New York Stock Exchange composite trading.

Last month, Santander, which is based in Madrid, agreed to buy the 75.65% of Sovereign it does not already own for about $3.81 a share.

The company had said it would offer 0.2924 of its American depository rights, Sovereign said in a statement Monday.

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