Spain's Bailing Out Ireland? (STD, AIB)

According to the New York Times Dealbook, Banco Santander STD is offering $5.8 billion for Polish bank Bank Zachodni WBK, which is currently controlled by Allied Irish Banks AIB. Santander is trying to expand into Poland, and since Allied Irish is trying to raise capital, it seemed like a natural fit for Santander. Allied Irish has been effectively nationalized by the Irish government, stemming from the Irish financial crisis which forced the country to seek a bailout not long ago. At last check, ADR's of Santander were up 3 cents to $12.12, a gain of 0.25%.