More than 15% of shareholders in Alliance & Leicester (A&L), almost 18,000 voters, motioned against its £1.3bn acquisition by Spanish bank Banco Santander, the firm reveals today.
However, with the move receiving 84% backing, A&L says it is set to become a wholly owned subsidiary of Banco on 10 October. The deal, which remains subject to High Court approval but has received EC backing, will see the trading of new shares in Banco Santander commence on 14 October, it adds. Roy Brown, acting chairman of A&L, says: “We welcome our shareholders’ approval of the offer from Santander, which was unanimously recommended by the Board of Alliance & Leicester. “The economic outlook and continuing uncertainty in financial markets have reinforced the Board's view that this tran...
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