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Santander swoops in to rescue Spain’s Banco Popular

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Banco Santander agreed to buy Spain's Banco Popular.

While the deal through the  European Central Bank allows Santander to buy Banco for $1.13, the company plans to raise $7.9 billion to support it.

Shares of Santander slipped 2.5 percent as European markets opened on Wednesday.

Read more from CNBC.


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