News

23 January 2019

PAGBAM advices in the delisting of Banco Santander S.A.

Pérez Alati, Grondona, Benites & Arntsen advised Banco Santander S.A. (“Santander” or the "Company") in the delisting from the public offer regime, authorized by the National Securities Commission (the “CNV”) on December 28, 2018. The Company was allowed to implement an alternative procedure to the tender offer (the “Tender Offer”) which exempts the Company to carry out a mandatory Tender Offer, only in the event that the Company continues to be listed on a foreign market, and as long as minority shareholders are offered the alternative to maintain their holdings in a foreign account or sell their shares in the local market before the Effective Retirement Date, or have them sold in the Spanish market as part of the delisting process.

This decision regarding the delisting from the local market was adopted within a process of rationalization of markets where the shares of Santander have a secondary listing, such as Brazil, Portugal and Italy and, in particular, in view of the low trading volume of Santander's share in the Argentine market.

The delisting of the shares of Banco Santander S.A. from the public offering regime was authorized by the CNV on December 28, 2018, and January 8, 2019 was established as the Effective Date of the Delisting of the shares.

Pérez Alati, Grondona, Benites & Arntsen
Partner María Gabriela Grigioni and associates Tomás Rago, Bárbara Santori and Nahuel Perez de Villarreal.

Read article published in Abogados.com.ar

Read article published in Lex Latin

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