- The delivery of shares/units would occur after a series of procedures, including a listing of securities in Brazil;
- And also the listing of Getnet’s American Depositary Receipts (ADRs) in the United States.
The board of directors of Santander Brasil approved on Monday the beginning of studies to segregate the bank’s shareholdings in the acquiring subsidiary Getnet.
With the potential spin-off, Santander Brasil’s shareholders would become direct shareholders of Getnet, on a pro-rata basis, based on the same percentages of equity interest they hold in the bank, the bank said in a relevant fact.
The delivery of shares/units would occur after a series of procedures, including listing of securities in Brazil and listing or listing of Getnet’s ADRs (American Depositary Receipts) in the United States.
“The potential spin-off and the listings depend on the completion of the study, as well as obtaining the necessary approvals, including from shareholders and applicable regulatory bodies and markets,” said the bank.
Santander Brasil units closed up 7.25%, to BRL 38.32, on Monday, among the biggest gains of Brazilian stock Ibovespa, which rose 1.6%.