Germán Larrea is in advanced negotiations to buy Banamex

Germán Larrea is in advanced negotiations to buy Banamex

The mining magnate is trying to finalize the terms of a possible deal with Citigroup, said the people, who asked not to be named because the information is private. No final deal has been reached, and talks could still fall apart or another buyer could emerge, the people said.

Citigroup could also consider an initial public offering by Banamex, the people said.

New York-based Citigroup launched the sale of Banamex in January, in what could become one of the biggest banking deals of the year. The number of bidders has dwindled amid a set of conditions set by President Andrés Manuel López Obrador, including that the new owners refrain from carrying out mass layoffs.

A Citigroup representative declined to comment, while a Grupo México spokesman did not immediately respond to a request for comment.

A consortium backed by Mexico’s Banca Mifel SA and US investment firm Apollo Global Management Inc. has also been seeking a deal for Banamex. It was seeking about $2 billion of financing from a group of lenders to support the offer, Bloomberg News reported last month.

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