Grupo México gives Citi 10 days to respond to their bid for 100% of Banamex

Grupo México informed the Mexican Stock Exchange that it has given Citigroup 10 days for its board of directors and main shareholders to review the offer to purchase 100% of Banamex’s shares.

The company stated that if the purchase goes through, it will not result in a large rise in debt, as the maximum amount of credit required—less than $2 billion—is covered by previously established credit lines.

Grupo México said in its statement that its revised proposal envisions retaining 60% of the overall investment value, with the remaining 40% acquired by private Mexican investors and retirement fund managers.

The firm also stated that it has no plans to increase its current offer, which already exceeds Citigroup’s announcement at the end of September that it will sell 25% of Banamex to Fernando Chico Pardo for 42 billion pesos.

Grupo México highlighted that, regardless of the conclusion of the negotiations, it will continue to invest in its existing mining, transportation, and infrastructure sectors.