Relational Investors buys 22 million shares of Sovereign Bancorp at $8 each

By Lisa Kerner

Charlotte, N.C., May 20 - Relational Investors, LLC and its affiliates reported the purchase of 22 million shares of Sovereign Bancorp, Inc. on May 16 priced at $8 per share in a schedule 13D filing with the Securities and Exchange Commission.

The investors beneficially own some 52.25 million shares, or about 7.89%, of the company.

Sovereign Bancorp is the Philadelphia-based holding company for Sovereign Bank that provides commercial banking services in the United States.

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