US EditionCiti Has a Competing Bid for Banamex
10 Articles
10 Articles
President Claudia Sheinbaum considered that in view of the new offer by Grupo Mexico, led by businessman Germán Larrea, to acquire Banamex in its entirety, it will be up to the Citi financial group to report on the future of this institution.
The businessman German Larrea, the second richest man in Mexico, insists on buying Banamex. The so-called Mexican ‘copper king’ launched an offer for 100% of the bank put into sale by Citi, straining the rope with the current bidder by the entity, another businessman of good standing in the country: the president of Grupo Asur, Fernando Chico Pardo, who has promised a disbursement of 2.3 billion dollars, to acquire 25% of the shares of Banamex. …
‘It’s the Preferred Option’: Who Is Citi Leaning over to Sell Banamex: Germán Larrea or Chico Pardo?
Grupo México, of the Mexican mining tycoon Germán Larrea, offered to buy the total control of Banamex de Citigroup, trying to overshadow an agreement to sell a stake to another Mexican billionaire and turn the lender into a company that counts as a stock exchange. Grupo Mexico said it was willing to acquire a 25 percent stake, for a multiple of 0.85 times the book value of the credit institution and the remaining 75 percent for 0.8 times the boo…
Citigroup said this Monday that it is still planning to seek an initial public offer for its Mexican retail unit, even after receiving a new offer from the mining and transport conglomerate Grupo Mexico. The competing offer comes after Citi announced last month that it would sell a 25% stake in Banamex to the local billionaire Fernando Chico Pardo, who presides over the ASUR airport operator, 0.8 times the book value. "We remain committed to obt…
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