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Investor Asks SEC To Dismantle $2.4B Sovereign Deal

Law360 (December 20, 2005, 12:00 AM EST) -- The largest shareholder of Sovereign Bancorp Inc. is petitioning regulators to halt a $2.4 billion deal between Sovereign and a major Spanish bank, claiming the New York Stock Exchange will be in violation of its own rules if it prevents shareholders from voting on the deal.

Philadelphia-based Sovereign is planning to sell 19.8% of its stock to Banco Santander Central Hispano SA in order to fund the $3.6 billion purchases of Brooklyn-based Independence Community Bank Corp. A 20% sale would have required a vote by investors....
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