Santander lifts offer for remaining 10% stake in Brazil unit by 5%

Banco Santander increased its proposal to buy the remaining 10% of its Brazilian subsidiary by 5%. The revised deal values the transaction at €1.9 billion (about $2.1 billion) and would create roughly 166 million new shares, about 1.1% of its equity. Santander says the acquisition will raise earnings per share by about 0.3% and tangible book value per share by roughly 0.6% starting in 2029.

The bank expects a modest EPS uplift of 0.3% and a 0.6% increase in tangible book value per share from 2029, which could improve valuation metrics for shareholders. However, the issuance of new shares will cause slight dilution now.

  • 1Santander lifted its offer by 5%.
  • 2The transaction targets the remaining 10% stake in the Brazilian business.
  • 3Deal value is €1.9 billion, equivalent to $2.1 billion, based on Wednesday's market close.
  • 4Around 166 million additional shares would be created, representing about 1.1% of Santander’s outstanding equity.
  • 5The acquisition is expected to lift earnings per share by about 0.3% beginning in 2029.
  • 6Tangible book value per share is projected to increase by roughly 0.6% from 2029.

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