Sovereign Bancorp investor group agrees to vote in favor of Banco Santander merger

By Lisa Kerner

Charlotte, N.C., Oct. 15 - Sovereign Bancorp, Inc. investors led by Relational Investors, LLC entered into a shareholder agreement to vote their shares in favor of the company's merger with Banco Santander SA, it was reported in a schedule 13D filed with the Securities and Exchange Commission.

On Oct. 13, Banco Santander agreed to acquire Sovereign Bancorp in a stock-for-stock transaction valued at approximately $1.9 billion.

The investors beneficially own 58,975,411 shares, or 8.9%, of the Philadelphia-based bank holding company.

Banco Santander is a Madrid-based bank.

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