Santander of Spain announces offer to buy 10% of the unit in Brazil for R$11.7 billion

Madrid | Reuters The Spanish bank Santander announced this Thursday (12) that it made an offer to acquire the remaining stake of around 10% that it does not already hold in its Brazilian unit through an exchange of shares worth approximately 1.9 billion euros (R$ 11.72 billion), after a 5% increase in the exchange ratio.

The enhanced offer follows a 10% increase in its Brazilian unit's shares, adjusted for dividends, since July 30, when the offer was first announced.

If the proposal is accepted, Santander reported that it will issue approximately 166 million new shares, which is equivalent to approximately 1.1% of its current share capital.

The revised offer comes as weaker results and higher provisions in Brazil overshadowed the 19% rise in Santander's underlying profit in the third quarter.

Santander Brasil's net profit fell 15% compared to the previous year, partly due to a 23% increase in provisions.

Santander will seek shareholder approval for the corresponding capital increases, in order to complete the offer, at an extraordinary general meeting scheduled for December 15, 2026.