New York - Spanish Bank Said to Be Close to Buying Sovereign Bancorp

New York - Banco Santander of Spain is in advanced talks to acquire Sovereign Bancorp for about $2.5 billion, people briefed on the matter said, as another frantic weekend of talks heralded the next wave of banking consolidation. Santander, which would gain a larger American presence with the deal, will probably pay around $3.81 a share, or where Sovereign’s shares closed Friday. Sovereign...