Grupo México expresses sadness that Citi turned down its bid for Banamex

Grupo México, a mining and transportation giant, expressed disappointment and respect for Citigroup’s decision to turn down its bid for Banamex, the country’s retail branch of the U.S. bank, on Friday.

Citi announced Thursday that it had declined Grupo México’s offer and that it firmly believes that the sale of 25% of Banamex to Mexican businessman Fernando Chico Pardo, announced in late September, and the planned initial public offering (IPO) will allow it to complete the divestment «responsibly and maximize shareholder value.»

«After carefully evaluating the proposal, including, but not limited to, financial considerations and transaction certainty, we have informed Grupo México that Citi rejects its offer,» it stated in a statement.

Citi’s statement came after Grupo México gave its board of directors and major shareholders a 10-day period to review the offer to purchase 100% of Banamex’s shares.

«Grupo México regrets this decision, as its offer maximized the benefit for Citi shareholders and ensured Banamex’s repositioning as a leading Mexican bank capable of providing a significant boost to our country’s economy,» the mining company said in a statement.

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