Grupo México reported that it made a binding offer for up to 100% of the actions of the Banamex Financial Group, a retail unit of the American Citigroup.
The firm added in a statement to the Mexican Stock Exchange that if Fernando Chico Pardo and his family wish to maintain their recently acquired 25% participation, Grupo México proposes to buy 75% of Banamex to a multiple of 0.80x VL.
“If the Chico family decided to maintain their participation, we would be very pleased to have them as investors and they would be respected the usual minority rights,” said the firm with investments in mining, transport and infrastructure.
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With Reuters information.
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