The shares of Grupo México (GMéxico), owned by businessman Germán Larrea, which are listed on the Mexican Stock Exchange (BMV), recorded their third day of gains, after the sharp fall on Monday due to the purchase offer from Banamex.
The mining company’s papers advanced 1.85% on Thursday to trade at a price of 143.98 pesos per unit, with an advance of 5.88% in three days; However, last Monday, the issuer’s securities fell 15.43%, after presenting an offer for the National Bank of Mexico.
GMexico shares are recovering ground and are 10.47% below their price last Friday, October 3, when they raised their hand for Banamex.
Despite the sharp drop in the price of its securities, so far in 2025 they have advanced 45.54 percent.
The company’s main business is mining, responsible for the company’s income, with 75% of the total, followed by the transportation divisions with 20%, and infrastructure with 5 percent.
Citi shares in New York fell 0.81% to $95.92 this Thursday. In the year, its titles show an increase of 36.26 percent.
Generate expectations
“In the political and corporate sphere, Citi rejected GMéxico’s offer for Banamex, reaffirming its intention to continue with the divestment process,” said Felipe Mendoza, Financial Markets analyst at ATFX LATAM.
He added that the news impacted the share price and reinforced the feeling of local financial stability, “by avoiding the uncertainty generated by the possibility of high corporate debt.”
“Surely, Citi applies the basic principle of law ‘first in time, first in law…’ Grupo México’s stock is recovering due to the rejection of Citi’s offer, but only a third of what it fell on Monday shows that we have not yet seen the end of the story…,” wrote Mauricio Brocado, head of Equity Research at Nuclo Wealth Management.
Analysts at GBM Research highlighted that, in Thursday’s session, GMéxico’s shares rose after Citi rejected its offer to purchase Banamex, “which the market interpreted as a reduction in uncertainty regarding a possible diversification of the group into the financial sector.”
With the decrease in the price of Grupo México shares in this Monday’s session, the mining company erased 193,223 million pesos in capitalization value. Since then, the value of the mining and transportation company added 62,202.15 million dollars and totals 1,120 billion pesos.
Grupo México is the second most valuable company in the Mexican stock market, only surpassed by América Móvil, a telecommunications company, which has a value of 1.7 billion pesos.
Loses his fortune
The fortune of Germán Larrea, considered the second richest man in Mexico, suffered a reduction of almost 6 billion dollars after the announcement of a binding offer from Grupo México to acquire Banamex.
According to the Bloomberg Millionaires Index, Larrea had an estimated fortune of $55.5 billion before the fall, a figure that was reduced to $49.5 billion after the depreciation of the shares.
As of October 9, his fortune advanced to $51.5 billion, that is, a gain of $2 billion, although it has not yet recovered.
Citi reported this Thursday that it preferred the offer of Fernando Chico Pardo, who offered to buy 25% of Banamex shares.
Chico Pardo is an old sea dog who began his career by founding the Share and Stock Market Consulting firm.
He worked closely with Carlos Slim at Inbursa, and also founded the private equity firm Promecap, which manages assets for more than $5 billion.
It is also a shareholder and control of Asur, the airport operator that has terminals in Cancún, Mérida, Puerto Rico, Colombia, among others.
He has interests in RLH Properties, in addition to being a member of the board of several companies, including Grupo Carso and Grupo Industrial Saltillo.
The market liked the offer of Chico Pardo better, a man with vast experience in the Mexican financial sector, a business administrator from the Universidad Iberoamericana and an MBA from the Kellogg School of Management at Northwestern University.
Meanwhile, Germán Larrea was once again left with the desire to own Banamex, as in the last six-year term in which he was prevented from purchasing. (With information from Eduardo Huerta)
