A&L shareholders vote in favour of Santander takeover

Alliance & Leicester shareholders have voted in favour of the proposed takeover by Banco Santander.

The European Commission also granted approval for the transaction under the EC Merger Regulations on September 15.

Subject to High Court approval, the scheme is expected to become effective on October 10 and dealing in the new shares of Banco Santander, S.A. is expected to commence on October 14.

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 A&L.

“The economic outlook and continuing uncertainty in financial markets have reinforced the board’s view that this transaction is in the best interests of shareholders, customers and other stakeholders.

“Should all approvals go through on time, A&L will become a wholly owned subsidiary of Banco Santander from October 10.”