A private analysis of the three takeover bids (takeover bids) for shares of Nutresa and Grupo Sura, carried out by the Gilinski Group since November 2021, mentions that the private pension funds, which sold almost all their portfolios in those titles, would have stopped receiving up to US$1,100 million. The analysis indicates “a chart with public information that shows what happened to the majority share sales made by the pension funds in the first takeover bid by Grupo Sura and Grupo Nutresa.”
He mentions that “in Grupo Sura the funds stopped receiving US$163 million compared to the value of the second and third takeover bids” and adds that in “Grupo Nutresa they stopped receiving US$437 million between the first and second takeover bids.”
It also notes that “in total, US$600 million stopped coming in from selling the large shares in the first takeover bids.”
Furthermore, it ensures that “With today’s market price, the value of what the funds forgot to receive for having sold in the first takeover bid went from US$600 million to US$1.1 billion.”
The pension funds did not want to comment on said analysis and three economists consulted by Portafolio analyzed the content of the analysis.
One of them said that “I would tell him that in finance it is impossible to see the future and after the events have happened it will always be easy to say what could have been done better.”
Another claimed that “Looking back is very simple, it is equivalent to saying how they didn’t invest everything in Apple 30 years ago. There is a first bid, there is no information about a potential second bid. With that price and that information the analyzes are made and it is decided to sell or not. No one sold at a loss.” “That way of looking back and saying “obviously, so it should have been invested” It is not appropriate, he assured.
For his part, Andrés Moreno Jaramillo, a financial and stock market analyst certified by the Securities Market Self-Regulator (AMV), said about the analysis that “pension funds have bought shares of Grupo Sura and Nutresa since the 1990s, when they were worth less than $1,000. and they have been accumulating profits for more than 25 years”.
In addition, the analyst said that “during the pandemic and the crises of 2014 or 2008, the funds bought shares with two hands taking advantage of low prices.”
‘THEY WENT UP, WELL GILINSKI ARRIVED’
Andrés Moreno Jaramillo assured that the actions of Nutresa and Grupo Sura “They did not rise because the market wanted them to reach the high valuations that they did. They went up because a punctual buyer appeared and no one knew how much he wanted to buy or how much money he brought”. He said that the AFPs manage $360 billion and what they sold from the two companies was less than 1% of those resources. “They have a fiduciary duty where they have to sell in a single operation at an attractive price because later they cannot think if there is a better price”.
The economist and analyst argued that “Stocks rose on Gilinski and funds sold based on best information at the time and executed based on it.”
He pointed out that the pension funds are not speculators and those resources were distributed in other investments.