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The two entered into an agreement last week in which Santander agreed to waive certain rights in relation to the common stock offering outlined in the companies' original 2005 investment agreement, according to the filing. At the time, the Spanish bank had taken a 20% stake -- subsequently raised to 25% -- in Sovereign so that it could stave off a heated shareholder battle begun by activist shareholder Relational Investors. Through the agreement, Santander can opt to not participate in the public stock offering, even though its ownership stake is diluted, and appoint the same number of directors it presently does through Sovereign's 2009 annual meeting. Sovereign shares were up 43 cents to $8.29 in recent trading.
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