Franklin criticizes NYSE approval of Sovereign deal
Date: Wednesday, November 23 @ W. Europe Standard Time
Topic: Business
Franklin Mutual Advisers, the second-biggest shareholder of Sovereign Bancorp (SOV.N: Quote, Profile, Research), on Wednesday criticized the New York Stock Exchange's decision to allow a revised version of Sovereign's deal with Spain's biggest bank...
Franklin Mutual Advisers, the second-biggest shareholder of Sovereign Bancorp (SOV.N: Quote, Profile, Research), on Wednesday criticized the New York Stock Exchange's decision to allow a revised version of Sovereign's deal with Spain's biggest bank Santander (SAN.MC: Quote, Profile, Research) to proceed without a shareholder vote. "We are disappointed that the NYSE has chosen to allow this transaction to proceed, which disenfranchises the existing owners of Sovereign," said Franklin in a statement. "We will continue to consider all available options to us in order to protect the rights of Sovereign's owners."
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