CORPORATEBrazil
Santander asks the CVM for foreign issuer and BDR registration and advances its exchange offer for the 10% of Santander Brasil it does not own
Banco Santander filed with the CVM on September 22 requests for registration as a category A foreign issuer, for its BDR program and for the public exchange offer, plus a request to admit the BDRs to trading on B3, according to a Santander Brasil material fact. The voluntary offer, announced in July with a 15% premium over the July 30 close, targets the roughly 10% of Santander Brasil shares and units still outstanding, with an exchange ratio of 0.2028 BDR per share and 0.4056 per unit. The UBS BB appraisal puts the economic value between 12.62 and 13.88 euros per Santander share; the F-4 form at the SEC has not yet been declared effective.