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Banco Santander Central Hispano SA plans to submit a €1.3 billion ($1.21 billion) cash offer for the remaining 67% stake it does not currently own in Banco do Estado de Sao Paulo SA, Brazil's eighth-largest bank. The Spanish banking behemoth announced its intention to propose a price of 95 reals ($48.74 or €52.47) per 1,000 Banespa shares, reflecting a 58% premium on the December 28 closing price for the Brazilian bank's preferred shares. Banespa's preferred shares experienced a 1.3% decline, closing at 60.01 reals, while its ordinary shares closed at 62 reals.
Thursday, 28 December, 2000