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Sovereign Bank (SOV)
I continue to look for a good bank play and came across SOV. Though their stock has stagnated in the low $20s for the past three years, they acquired Independence Community Bank in NY last year when Spanish banking conglomerate, Grupo Santander purchased 24% of SOV's shares. Under the agreement of purchase, Grupo Santander can purchase the rest of SOV’s shares on the open market in two years (mid 2008) at $40 / share.
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