Santander to acquire Carfinco Financial Group
Banco Santander has reached agreement to acquire the listed Canadian company Carfinco Financial Group Inc for C$298m. Santander will pay C$11.25 per share, which represents a premium of 32% on the share price during the last 90 trading sessions.
The board of directors of Carfinco has approved the transaction and will recommend to its shareholders that they vote in favour of the same at the general meeting to be called for such purpose. The impact of the transaction on the group's shareholders' equity is not significant.