US EditionGrupo México’s Banamex Play, In Plain Terms
16 Articles
16 Articles
Grupo México defended yesterday its proposal to buy Banamex, and gave 10 days to Citigroup, owner of the Mexican financial institution, to respond to its offer. This coincided with the recovery of a fraction of its market value after the collapse of its shares in the Mexican stock exchanges on Monday.
Grupo México’s Banamex Play, In Plain Terms
Grupo México, the mining-to-infrastructure conglomerate controlled by Germán Larrea, has offered to buy Banamex from Citi and says it can do it without loading up on new debt. The company told Mexico’s stock exchange that even a 100% purchase would need less than $2 billion in additional credit—lines it says are already arranged. It reported […]
Grupo México, owned by businessman Germán Larrea, provided Citigroup with 10 days to evaluate its proposal to acquire Banamex.
The millionaire Germán Larrea, the so-called Mexican copper king, intends to enter the big leagues of the financial system with Banamex. The owner of Grupo Mexico informed his investors this Tuesday that the offer to acquire the fourth bank for assets of the country, announced last Friday, will not imply that the debt of the corporate is raised significantly. According to his calculations, if his proposal is accepted by Citi, the maximum financi…
Grupo México (GMexico) already has agreements with Mexican investors to acquire Banamex and the maximum credit it could require to complete the 100% operation of the shares would be less than 2 billion dollars, said yesterday the company in a statement in which it also gave Citigroup 10 days to review its offer. Last Monday, analysts from Valmex warned that the purchase operation would affect the finances of GMexico by doubling its debt to almos…
Germán Larrea is direct. True to form, he demanded Citi respond within ten days regarding its proposal, the most attractive part of which is the immediate payment of almost $10 billion to buy Banamex. Certain of a near-cash offer for Banamex, Larrea included in his statement a ten-day notice for Citi to consult with its Board of Directors and shareholders regarding its offer, "fulfilling its fiduciary responsibilities." In other words, he's not …
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