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October 25, 2005

Wall Street reacts to Sovereign's three-way deal

Shares of Sovereign Bancorp are down more than 7 percent the day after the company announced the sale of a 20-percent stake to a Spanish banking giant and the simultaneous purchase of Independence Community Bank Corp. of Brooklyn. Making his best pitch to investors today, Sovereign chairman Jay S. Sidhu said there was just one standard for the deal: "If it makes sense for the shareholders we do it, if it doesn’t make sense for the shareholders, we don't do it."

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