Santander Brasil Shares Surge After Parent Offers Buyout

Banco Santander Brasil SA surged as much as 21 percent, the most since the company went public in 2009, after its Spanish parent offered to buy the 25 percent of the bank it doesn’t already own.

Banco Santander SA proposed issuing as many as 665 million shares and spending about 4.7 billion euros ($6.5 billion) in a bid to complete a voluntary buyback of the business at the equivalent of 15.31 reais a share, or 20 percent more than yesterday’s closing price, the Santander-based company said today in a statement.