Though the Gilinski Group and its Emirati partner IHC failed in their attempt to take control of Nutresa, the main food processing conglomerate, that does not mean that they will not try again, especially when According to analysts and academics, the Colombian group has a good future internationally.
(Nutresa’s share closed with a sharp fall after the failure of the takeover bid).
On Friday the takeover bid (takeover bid) in which IHC sought to buy between 25% and 31.2% of Nutresa ended, but received acceptances for 7.71%, for which reason it rejected the offer and the operation was closed. declared void.
In the middle of the road was the attractive offer of $15 per share and a dispute in the board of directors of Grupo Surathe main shareholder of Nutresa and in which Gilinski has three positions on the board of that company, since they sought that with the disqualification of two of the four members of the Grupo Empresarial Antioqueño, the three members of Gilinski would vote in favor of selling the stake.
Ana Vera, chief economist at In On Capital, believes that Nutresa is a very attractive company for investors due to its strategic position in the market and “the recent impact on the share price does not change the real value of the company and is It is possible that new takeover bids will continue to be attempted, but to the extent that the largest investors maintain their dominant position, it will be difficult for the operations to be completed successfully”.
(Arab bid for Grupo Nutresa fell, but the legal mess remained).
For his part, Andrés Duarte, director of variable income at Corficolombiana, considers that “wherever they want to buy, they have to put a control premium on the entire GEA, given that if they take control (of the board of directors) of any (Nutresa or Sura or Grupo Argos) take everything”.
He says that suddenly a fair drop in share price; “Fair because the offer price for Nutresa is well above its fundamental value,” he maintains.
He warns that “Gilinski is not going to sit idly by with this incident”, but He expresses that he does not agree that the three members of the Grupo Sura board tried to sell the stake in Nutresa.
He also anticipates that the fact that Gilinski, having contracted a high debt with the Emirati group “surely that the resources of the capitalization of US$200 million Lulo Bank (Gilinski’s digital bank) will go 100% to pay debts, not to grow the operation really”.
For his part, the economist Jorge Restrepo considers that the great attractiveness of the GEA companies means that they are “hostilely persecuted to be bought”, while stating that after this unsuccessful takeover bid, the future is quite promising, since “We are seeing a time of high food prices that is going to last for years and is part of the commodity supercycle that impacts food.”
He recalled that Nutresa is a diversified company, both in products and in the markets it serves, “with great health in its financial, capital and debt indicators and leading brands in the different businesses, and if it remains integrated it can compete with food groups such as Bunge & Born from Argentina and Hormel Foods from the United States.
Board of Grupo Sura
Yesterday the eleventh extraordinary shareholders’ meeting of Grupo Sura of the last year decided that for the period from November 22 to March 31, 2024, it will be made up of the independent members Jaime Alberto Arrubla Paucar, Guillermo Villegas Ortega and María Ximena Lombana Villalba, as well as by the patrimonial members Jaime Velásquez Botero, David Yanovich Wancier, Gabriel Gilinski Kardonski and Ángela María Tafur Domínguez.
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