The Pennsylvania legislature late Wednesday stuck a dagger into Relational Investors LLC's efforts to stop Philadelphia-based Sovereign Bancorp Inc. from selling a minority stake to Santander Central Hispano SA of Spain and using the money to acquire Brooklyn, N.Y.-based Independence Community Bank Corp. In a closely watched case pitting shareholders' rights groups against "entrenched management", the Pennsylvania legislature has apparently waded in to bar the "Barbarians at the Gates".
Friday, February 03, 2006
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment