STXNEWS LATAM-Santander Brasil swaps units for stake in parent company
Shareholders swapped 2.42 billion reais ($1.01 billion) worth of units in Banco Santander Brasil SA, equal to 56.5 percent of shares in circulation, for depositary receipts of Spanish parent company Banco Santander SA on Thursday.
The share swap also included common shares and preferred shares equal to a combined 3.1 percent of shares in circulation, according to Sao Paulo's stock exchange.
In April, Banco Santander launched the offer for the 25 percent of its Brazilian unit it does not already own, giving investors a chance to gain exposure to a budding recovery of the euro zone's largest bank.
($1 = 2.40 Brazilian reais) (Editing by Richard Chang)
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