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Sovereign Bancorp

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BUSINESS
October 25, 2005 | From Reuters
Sovereign Bancorp Inc. said it would acquire Brooklyn, N.Y.-based Independence Community Bank Corp. for $42 a share in cash, or about $3.6 billion. Sovereign, the No. 3 U.S. savings and loan, also said that Spain's biggest bank, Santander, would become Sovereign's largest shareholder through the purchase of a 19.8% stake for $27 a share in cash, or $2.4 billion. Santander said it had the option to buy Philadelphia-based Sovereign outright starting in July 2008.
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BUSINESS
October 14, 2008 | From the Associated Press
Banco Santander of Spain said Monday that it would buy the rest of Sovereign Bancorp Inc. that it didn't already own for $1.9 billion, extending a wave of consolidation as the banking industry struggles to deal with a load of soured debt related to mortgages. The Spanish bank already has a nearly 25% stake in Sovereign, a Philadelphia-based thrift, and will buy the rest with stock valued at about $3.81 for each share of Sovereign, a premium of 3.5% to Sovereign's closing price Monday.
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BUSINESS
December 24, 2005 | From Associated Press
Sovereign Bancorp Inc. filed a federal lawsuit seeking to block the company's largest shareholder from ousting its board of directors. The lawsuit, filed in U.S. District Court in New York, claims a proposal by San Diego-based investment firm Relational Investors to seek a shareholder vote to remove the board is not permitted under Pennsylvania law. Sovereign is based in Philadelphia.
BUSINESS
April 22, 2008 | From Times Wire Services
Bank of America Corp., the second-biggest U.S. bank, and Sovereign Bancorp Inc. lead a group of 23 lenders that may need $12.4 billion more in capital as bad loans pile up, according to a KBW Inc. analyst. Financial companies were the worst-performing stocks in 2007 and have the third-worst performance this year, which "leaves a lot of opportunities" for investment, KBW's Melissa Roberts said Monday. Private equity firms and sovereign wealth funds will continue to provide capital as banks shy away from mergers on concern that falling home prices will prompt further write-downs, she said.
BUSINESS
April 22, 2008 | From Times Wire Services
Bank of America Corp., the second-biggest U.S. bank, and Sovereign Bancorp Inc. lead a group of 23 lenders that may need $12.4 billion more in capital as bad loans pile up, according to a KBW Inc. analyst. Financial companies were the worst-performing stocks in 2007 and have the third-worst performance this year, which "leaves a lot of opportunities" for investment, KBW's Melissa Roberts said Monday. Private equity firms and sovereign wealth funds will continue to provide capital as banks shy away from mergers on concern that falling home prices will prompt further write-downs, she said.
BUSINESS
September 8, 1999 | Reuters
Sovereign Bancorp agreed to pay $1.4 billion for 278 branches, $12 billion in deposits and about $8 billion in loans from Fleet Financial Group Inc. and BankBoston Corp., turning Sovereign into a major player in New England banking. The asset sale, a condition of the Justice Department's approval of Fleet's pending purchase of hometown rival BankBoston, is part of the largest-ever U.S. bank divestiture.
BUSINESS
April 20, 2006 | Marc Lifsher, Times Staff Writer
In an annual ritual that companies have come to dread, the California Public Employees Retirement System on Wednesday named six firms that it says must improve financially and adopt more enlightened rules for corporate governance. The companies on the 2006 edition of CalPERS' "Focus List" are Brocade Communications Systems Inc., Cardinal Health Inc., Clear Channel Communications Inc., Mellon Financial Corp., OfficeMax Inc. and Sovereign Bancorp.
BUSINESS
October 14, 2008 | From the Associated Press
Banco Santander of Spain said Monday that it would buy the rest of Sovereign Bancorp Inc. that it didn't already own for $1.9 billion, extending a wave of consolidation as the banking industry struggles to deal with a load of soured debt related to mortgages. The Spanish bank already has a nearly 25% stake in Sovereign, a Philadelphia-based thrift, and will buy the rest with stock valued at about $3.81 for each share of Sovereign, a premium of 3.5% to Sovereign's closing price Monday.
BUSINESS
April 28, 1998
* Genesis Health Ventures Inc. said it will buy Vitalink Pharmacy Services Inc. for $690 million in cash, preferred stock and debt, giving it a larger, more economical source of drugs for its nursing-home business. * Sovereign Bancorp Inc. said it will pay $185 million for 95 bank branches formerly owned by CoreStates Financial Corp., clearing the way for First Union Corp. to complete its $16.6-billion acquisition of CoreStates.
BUSINESS
January 21, 2006
* Paramount Pictures is seeking about $250 million from investors to share the burden of higher production costs. The Viacom Inc.-owned studio is in the early stages of raising money for a deal in which investors would finance about 20% of production, Paramount Pictures Chief Financial Officer Mark Badagliacca said. * The California Public Employees' Retirement System asked federal regulators to block Sovereign Bancorp's planned stake sale to Santander Central Hispano.
BUSINESS
April 20, 2006 | Marc Lifsher, Times Staff Writer
In an annual ritual that companies have come to dread, the California Public Employees Retirement System on Wednesday named six firms that it says must improve financially and adopt more enlightened rules for corporate governance. The companies on the 2006 edition of CalPERS' "Focus List" are Brocade Communications Systems Inc., Cardinal Health Inc., Clear Channel Communications Inc., Mellon Financial Corp., OfficeMax Inc. and Sovereign Bancorp.
BUSINESS
December 24, 2005 | From Associated Press
Sovereign Bancorp Inc. filed a federal lawsuit seeking to block the company's largest shareholder from ousting its board of directors. The lawsuit, filed in U.S. District Court in New York, claims a proposal by San Diego-based investment firm Relational Investors to seek a shareholder vote to remove the board is not permitted under Pennsylvania law. Sovereign is based in Philadelphia.
BUSINESS
October 25, 2005 | From Reuters
Sovereign Bancorp Inc. said it would acquire Brooklyn, N.Y.-based Independence Community Bank Corp. for $42 a share in cash, or about $3.6 billion. Sovereign, the No. 3 U.S. savings and loan, also said that Spain's biggest bank, Santander, would become Sovereign's largest shareholder through the purchase of a 19.8% stake for $27 a share in cash, or $2.4 billion. Santander said it had the option to buy Philadelphia-based Sovereign outright starting in July 2008.
BUSINESS
September 8, 1999 | Reuters
Sovereign Bancorp agreed to pay $1.4 billion for 278 branches, $12 billion in deposits and about $8 billion in loans from Fleet Financial Group Inc. and BankBoston Corp., turning Sovereign into a major player in New England banking. The asset sale, a condition of the Justice Department's approval of Fleet's pending purchase of hometown rival BankBoston, is part of the largest-ever U.S. bank divestiture.
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