Santander, Brazil unit change share swap terms amid delay
SAO PAULO Oct 16 (Reuters) - Spain's Banco Santander SA and its Brazilian unit changed on Thursday the ratio at which they plan to swap their stock, part of a $6.5 billion buyout of the latter, amid delays to complete the transaction.
Santander will now give shareholders of Banco Santander Brasil SA the equivalent of 0.7152 local depositary receipts per unit, up from a prior 0.70-to-1 ratio. Holders of Santander Brasil's common and preferred shares will get 0.3576 of Banco Santander's depositary receipts per each of their holdings.
In July, the Madrid-based bank said changes to terms of the swap could be needed if the completion of the transaction came after the payment of dividends and other remuneration to shareholders of both financial institutions. The deal was initially expected to be finalized at the start of this month. (Reporting by Guillermo Parra-Bernal; Editing by Chris Reese)
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