I have just read the following announcement on Yahoo Finance:

"""The following announcement was made by Banco Santander in Spain today:

"Banco Santander Central Hispano, S.A. ("Banco Santander") hereby announces that its Board of Directors, at a meeting held yesterday, has resolved to extend until 31st March 2005 the duration of the share repurchase programme notified by a Material Fact announcement on 26th July 2004 and referring to the acquisition, net of sales, of up to 190 million shares.

The rest of the conditions of the repurchase programme remain unchanged.

The interruption of, or any subsequent modification to, the programme will be
duly notified to the CNMV through a Material Fact announcement.

Boadilla del Monte (Madrid), 21st December 2004"
"""
I assume that this refers to the purchasing arrangements whereby old Abbey National shareholders can sell the new Banco Santander holdings. If so, it's a bit disappointing that there's no mention of the LSE listing. Makes me wonder whether this will come about and then whether to sell now. Something to ponder over Christmas.
John Coles