Relational Investors, whose asset management arm has been campaigning against the purchase of Sovereign Bancorp by Spain's Santander, is going to court to prevent the US financial services group from delaying its annual shareholder meeting.

In October Sovereign agreed to sell a 19.8% stake in itself to Santander for $2.4bn (€2bn) and to use the proceeds to help acquire Independence Community Bank for $3.6bn.