Sovereign Shareholder Wants NYSE Inquiry.

The article reports on a possible investigation by the New York Stock Exchange into Banco Santander SA's bid to buy a stake in Sovereign Bancorp. There is a question as to whether the two banks avoided a shareholder vote that might have derailed the deal - although a shareholder vote is not required under current rules. The investigation may be initiated by Relational Investors, which is a large Sovereign shareholder. Reference is made to uncertainty over whether the sale to Santander, which is described as one of Europe's largest banks, will be a success. The article considers the reasons that Relational may request an investigation by the NYSE and why this particular sale may benefit from a shareholder vote.