The Federal Reserve has approved a plan by Spanish bank, Banco Santander Central Hispano S.A. to buy approximately 25% of Sovereign Bancorp., which owns Sovereign Bank and Independence Community Bank. Independence Community Bank is based in New York. In approving the deal, the agency noted that the transaction "would not result in any significantly adverse effect on competition or the concentration of banking resources in the New York banking market or in any other relevant banking market."
In other news, JDA Software and Manugistics announced that they have been granted early termination of the HSR waiting period. The transaction must be approved by Manugistics shareholders.
Finally, funeral-services companies, Service Corporation International and Alderwoods Group, Inc., announced that the FTC has sent them each a Request for Additional Information a/k/a a Second Request. Canada's Competition Bureau also is investigating the transaction.
