Citi highlighted that it maintains its plan to make businessman Fernando Chico Pardo the majority partner, with 25% of the bank; as well as the Initial Public Offering on the Stock Exchange.
With these measures, they consider that they can complete the divestment of Banamex in a responsible manner and maximizing the benefits to their shareholders.
Germán Larrea had proposed buying 100% of the shares of Banamex.
In a statement, the ‘copper king’ reported last Friday that he was looking to buy the 25% stake agreed with the bank from businessman Fernando Chico Pardo.
In case Chico Pardo’s family wanted to keep their share, Larrea offered to respect their rights as a minority shareholder.
If Grupo México obtained 100% of the bank, its plan was to keep 60% of the total value of the investment while the remaining 40% would be offered to other private investors and Afores, with whom it had already agreed on the investment.
The decision to buy the bank had a poor response from shareholders: Grupo México lost in market value the equivalent of what it would pay for Banamex.
Stocks were punished on Monday and dragged down the Mexican Stock Market.
