US EditionCiti Rejects Grupo Mexico’s $9.3B Offer for Banamex
Citigroup said the $9.3 billion offer did not meet financial and transaction certainty criteria as it pursues an initial public offering for Banamex in 2026.
- Citigroup rejected Grupo México's unsolicited US $9.3 billion offer last Friday to acquire up to 100% of Banamex after weighing deal terms and certainty on Thursday.
- Citi's plan to complete a divestiture via an IPO includes the separation of Banamex as it prepared to list shares on the Mexican Stock Exchange.
- More than two years ago, Grupo México had considered buying Banamex and Reuters reported it had secured US $5 billion to pursue the purchase.
- Following the rejection, markets reacted: shares in Grupo México rose more than 4.5% on Thursday, while Citi on Monday reaffirmed its commitment to the Pardo agreement and IPO.
- The bank had earlier signalled an exit from Mexican retail banking and opted for a stock-market sale route, divesting Banamex, which Citigroup acquired for $12.5 billion.
46 Articles
46 Articles
The mining and transport conglomerate Grupo Mexico lamented this Friday Citi's decision to reject its offer by Banamex, the retail unit of the US bank in the country. Citi reported on Thursday that it had declined the offer of Grupo Mexico and firmly believed that the sale of 25% of Banamex to the Mexican businessman Fernando Chico Pardo, announced at the end of September, and the planned initial public offer (OPI) will allow him to complete the…
Yesterday the US consortium Citi rejected the offer made by the mining entrepreneur Germán Larrea to buy the totality of the shares of its Mexican subsidiary Banamex, in a decision that leaves out for the second time in two years the owner of the Mexico Group and the second most wealthy man in the country of the possibility to take over the financial intermediary.
For the most recent chapter of Banamex’s ‘telenovela’ had a much faster outcome than was thought. The Council of Citi took the decision to reject the purchase offer made by Germán Larrea on Monday, October 6. The entrepreneur had given a 10-day deadline to the American institution to respond to his proposal, a deadline that expired on Thursday, October 16.However, Citi decided not to wait and stopped the employer’s intentions with a brief statem…
Citi rejects Grupo México's US $9.3B offer to buy Banamex
Citigroup announced Thursday that it had rejected an offer from Mexican conglomerate Grupo México to purchase the bank Banamex. Last Friday, Grupo México, a mining, transport and infrastructure conglomerate headed up by Mexican billionaire Germán Larrea, made a US $9.3 billion unsolicited offer for Banamex. Grupo México seeks to acquire up to 100% of Banamex from Citigroup On Thursday, Citi said in a statement that “after careful consideration o…
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