0615 GMT - Santander's disposal of a 49% stake in its business in Poland to Austria's Erste Group at near peak share prices for the unit makes strategic and financial sense, Keefe, Bruyette & Woods says in a research note. The Spanish bank said it would distribute half of the proceeds to shareholders via buybacks and use the remaining capital for organic growth, followed by buybacks or deals. "We would have liked [Santander] to be more clear about the usage of proceeds, but we take comfort that [Santander] committed to only do bolt-on M&A for returns above 20% and if more accretive than buybacks," analysts Hugo Cruz and Ben Maher write. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
May 06, 2025 02:16 ET (06:16 GMT)
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