Original: In June 2006, Banco Santander Central Hispano purchased almost 20% of Sovereign Bank and acquired the option to buy the bank for $40 per share for one year beginning in the middle of 2008.
Simplified: In June 2006, Banco Santander Central Hispano purchased almost 20% of Sovereign Bank. They also acquired the option to buy Sovereign Bank for $40 per share in the middle of 2008.