Spain’s banking giant Santander announced Thursday it will temporarily halt its stock repurchase program while awaiting a crucial shareholder vote on its massive acquisition of American lender Webster Financial.
The temporary pause on share buybacks will begin April 24 and continue through May 26, aligning with Webster Financial’s scheduled shareholder meeting to vote on the $12.2 billion purchase agreement, according to regulatory filings submitted by Santander.
Company officials indicated the share repurchase program will restart on May 27 and continue operating until August 20.
Santander first revealed its plans to acquire Webster Financial in February as part of a strategic move to establish a stronger presence in America’s retail banking sector.
