Tuesday, November 14, 2006

Renewed Sovereign Bancorp (SOV) Takeover Speculation Drives Option Activity

According to reports from Reuters, Sovereign Bancorp (NYSE: SOV) saw increased options activity yesterday on renewed buyout talk. The report said takeover speculation surrounding the stock has picked up recently following the resignation of Chief Executive Officer and President Jay S. Sidhu, after pressure from the board and shareholders.

Large 24.9% holder Spain's Banco Santander Central Hispano SA (NYSE: STD) has been considered a likely suitor for the remaining shares of the company, but some investors don't think a deal is imminent.

Sovereign Bancorp is an $89 billion financial institution with nearly 800 community banking offices, over 2,000 ATMs and approximately 12,000 team members with principal markets in the Northeast United States.

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