Another big investor has asked the New York Stock Exchange to force Sovereign Bancorp to submit two acquisition deals to a shareholder vote. The California State Teachers' Retirement System sent a letter Friday to the NYSE's chief regulatory officer, objecting to Sovereign's plans to sell a 19.8 percent stake to Banco Santander Central Hispano SA for $2.4 billion, and to acquire Independence Community Bank for $3.6 billion in cash. The pension system is the largest teachers' retirement fund in the country.
November 23, 2005 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Another large investor has asked the New York Stock Exchange to force Sovereign Bancorp Inc. to submit two acquisition deals to a shareholder vote.
The California State Teachers’ Retirement System sent a letter Friday to Richard Ketchum, NYSE’s chief regulatory officer, objecting to Sovereign’s plans to sell a 19.8 percent stake to Spain’s Banco Santander Central Hispano SA for $2.4 billion, and then acquire Brooklyn, N.Y.-based Independence Community Bank Corp. for $3.6 billion in cash.
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