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Bond Market News
Santander’s $12bn Takeover Bid Gets Shareholders’ Approval
May 28, 2026
Banco Santander’s $12bn takeover bid received approval from Webster Financial Corp.’s shareholders, clearing a significant milestone towards completing the deal. Santander had announced the acquisition in February to deepen its footprint in the US market. Webster’s deposit base is seen as an attractively low-cost funding source. The deal also bolsters Santander’s commercial and retail lending operations in the country. Under the terms of the offer, Webster shareholders will receive $48.75 in cash plus 2.0548 Santander’s American Depositary Shares (ADRs) per Webster share, translating to an implied value of ~$73.49/share, or ~$12bn in total. The deal is expected to close in 2H2026 subject to pending regulatory approvals. Santander recently sold a majority stake in its Polish operations to Erste Bank and acquired UK lender TSB from Banco Sabadell.
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