Santander seeks to strengthen its control over its subsidiary in Mexico. The company led by Ana Botín has launched a takeover bid for the 3.76% of the capital that it does not yet own in Santander México. The objective of this operation responds to the strategy of reinforcing its weight in growing markets and having greater weight in its most relevant groups abroad.
The takeover bid is aimed at series B shares that are currently held by Banco Santander México, Institución de Banca Múltiple, Grupo Financiero Santander México and the American Depositary Shares (ADS) of Santander México. Shareholders who accept the offer will receive 24.52 Mexican pesos in cash for each series B share they hold, and the US dollar equivalent of 122.6 Mexican pesos for each ADS.
Once the operation is closed, which will last, foreseeably, from this Tuesday until March 8, the entity intends to withdraw the titles from the listing on the Mexican stock markets and the ADSs, from the New York Stock Exchange, as and how it progressed last October. This is the third operation of this type carried out on the Mexican subsidiary. A process that began in 2019, when it owned just over 90%. At the end of 2021 they advanced in their offensive after taking a 4.5% package.
The company has shown its interest in Mexico on several occasions. The latest movement of importance has taken place with the election of Héctor Grisi as CEO of the bank to replace José Antonio Álvarez, a replacement that has materialized this month of January. The once strong man in the Aztec country is credited with the growth that the entity has experienced in recent years. During 2022 Mexico has improved its net profit by 31%, to 3,658 million. As a whole, the entity has managed to overcome the barrier of 9,000 million net profit, a level that has not exceeded since 2007, driven by the growth of commercial activity.
