“In the event that Mr. Fernando Chico Pardo and family wish to maintain their investment of 25% recently agreed with CITI, the proposal would be to acquire 75% at a multiple of 0.80 times book value,” said Grupo México.
In the event that the Chico Family decided to maintain their participation Grupo México said that it “would be pleased to have them as investors and the usual minority rights of markets would be respected.”
“The agreement we announced last week with Fernando Chico Pardo and our proposal for IPO is still our favorite path,” said Banamex.
“If Grupo México presents an offer, of course, we will review it in a responsible manner and consider, among other risk factors, the ability to obtain the required regulatory approvals and the certainty of closing a proposed transaction,” said Banamex.
Grupo México makes offer to acquire Banamex
In the event that Citi accepts the offer of Germán Larrea, he will be subject to the corresponding approvals; Once Banamex is regulated only by Mexican financial authorities, he can recover his competitive potential, said Grupo México.
“With this offer we seek to meet two objectives: the purchase of 100% of Banamex and that is a mostly Mexican group,” said Grupo México.
In addition, Grupo México, proposed that as requested by the López Obrador government, one of the priorities will be to take care of the Banamex workforce, as well as conserve and take advantage of the solid experience of its management team, ensuring a transition that gives full certainty and fluidity in services to the clients of the bank.
“While the offer contemplates that Grupo México acquires up to 100% of Banamex and the shareholding, it is expected that in the future Afores and other Mexican investors can be added,” added Grupo México.
