Santander Brasil jumps after Spanish parent's proposal for remaining shares

Banco Santander

31/07/2026 18:30

SAO PAULO, July 31 (Reuters) - Shares in lender Santander Brasil SANB11.SA jump 13% on Friday, after its parent company, Spain's Santander SAN.MC, bid to buy up to all the remaining shares of the Brazilian unit through a share swap. 
 
** The deal implies a 15% premium over Santander Brasil's closing price on Thursday.
** Santander Brasil's shares had fallen nearly 9% in the past two sessions after releasing second-quarter results.
** For Santander Brasil's shareholders, the deal will "crystallize value at a premium and gain exposure to a larger, more diversified global banking franchise," Citi says.
** On the negative side, the premium pre-second quarter result is only about 5%, and the structure could put minority shareholders in a difficult position, Citi adds.
** Shares in Santander Brasil rise some 13.3% to about 28.6 reais ($5.64) each, leading gains among stocks from Brazilian equities benchmark index Bovespa .BVSP, which is up 0.5%.
** Shares in Brazil opened with a delay of a few hours on Friday due to a clearing file issue at the Sao Paulo stock exchange.

($1 = 5.0736 reais)

 (Reporting by Andre Romani, Editing by Daina Beth Solomon)
 ((Andre.Romani@thomsonreuters.com; 11 991314109;11 56447500;))