Sovereign Seeks SEC Aid In Battling Investor

Law360, New York (January 10, 2006, 12:00 AM EST) -- Sovereign Bancorp Inc. has asked the Securities and Exchange Commission to investigate a claim by its largest shareholder that the bank failed to disclose business ties with the author of an editorial that backed its controversial takeover bid.

Sovereign’s request is the latest salvo in its heated battle with Relational Investors over a complicated takeover deal involving Spain’s Banco Santander Central Hispano.

Sovereign and Relational are fighting over the bank’s plan to sell a 19.8% stake to Banco Santander and use the cash windfall toward the...
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