Santander owns 24.39% stake in Sovereign Bancorp, could up to 24.99%

By Susanna Moon

Chicago, July 25 - Sovereign Bancorp, Inc. investor Banco Santander, SA reported owning 161,630,664 shares, or 24.39%, of Sovereign's outstanding shares, according to an amended schedule 13D filing with the Securities and Exchange Commission.

The investor bought 39 million shares on May 16 priced at $8 per share.

Since then, Santander bought an additional 5 million shares at prices from $8.01 to $9.29 between June 5 and June 19.

The company said it also may purchase additional shares to increase its ownership to up to 24.99% of the issuer's outstanding shares.

Santander said it intends to review its holdings in the issuer on a continuing basis and may consider making a proposal to acquire the issuer, may maintain its ownership at its present level or may consider decreasing its ownership percentage.

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

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