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E.U. approves sale of Banco Santander's insurance units to CNP Assurances

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A European Union executive said that the European Commission has approved the 51% stake sale of Spain-based Banco Santander S.A.'s insurance units to French insurer CNP Assurances S.A., reported ABC.es.

CNP would acquire a 51% total stake in the units, which include Santander's Irish and European operations.

Santander Chair Ana Patricia Botin said the deal is valued at €250 million ($309.7 million).

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