Grupo México bids to acquire up to 100% of Banamex
Grupo México declared that it has launched a binding offer for up to 100% of the shares of Grupo Financiero Banamex, Citigroup’s retail unit.
The firm said in a statement to the Mexican Stock Exchange that if Fernando Chico Pardo and his family want to keep their newly acquired 25% share, Grupo México proposes purchasing 75% of Banamex at a 0.80x VL multiple.
«If the Chico family decides to maintain its stake, we would be delighted to have them as investors, and their usual minority rights would be respected,» stated the firm, which has investments in mining, transportation, and infrastructure.
