Santander Raises Offer for Brazilian Minority Shares by 5%

The Spanish Santander group announced a 5% increase in its proposal to acquire the remaining 10% stake in Santander Brasil. The operation will be carried out through a share swap that allows minority shareholders to receive parent company stock in exchange for their local assets.

With this revision, the exchange ratio has been adjusted to 0.4246 shares of the Spanish bank for every unit or ADS of Santander Brasil. If fully accepted, the institution will issue approximately 166 million new shares with a total value of about 1.9 billion euros.

The bank emphasized that this initiative does not aim to delist the Brazilian subsidiary from the B3 exchange. The extraordinary general meeting to vote on the necessary capital increases is scheduled for December 15, 2026.

This strategy reflects the group's push to consolidate its presence in the Brazilian market, which remains a key pillar for the conglomerate. Santander expects the transaction to contribute to earnings per share growth and tangible book value starting in 2029.

This corporate move may influence the liquidity of the bank's shares on the Ibovespa and alter investor perception regarding the company's governance and capital allocation in Brazil.