Saturday, January 28, 2023

Sale of Banamex: why did City choose the offer of German Larrea?

Citi has already chosen the ‘winning bid’ for the sale of Banamex: this is its proposal german lariatThe second richest man in Mexico revealed columnist Dario Celis this Monday.

According to the journalist, the businessman (with an estimated fortune 28 thousand 100 million dollars) He only needs to ‘relieve’ certain conditions from the financial institution, such as “specific compensation if the bank incurs losses in future due to certain matters”.

In a “war” of offers between Grupo México’s leader and the group’s president of the Association of Banks of Mexico (ABM) Daniel Becker, Larrea had the “last word” when submitting the buyout offer. about $11 billion Against the rival group’s $9 billion.

“Though it did not reach 15 billion dollars that the seller’s intention, would be sufficient for Citi to pay itself well and forego the public offering option in the stock market,” Celis explained.

“Due to market conditions, with interest rates highly volatile and through the roof, the OPA does not insure hosts jane fraser That they are going to get their $15 billion.

Most of those $11 billion will come from Larrea’s “bag,” Selis said. Antonio Del Valle Ruiz why carlos slim They will ‘upload’ to pay a part later.

Celis said another reason Citi decided to accept Larrea’s offer was because the Banamex brand was losing value and “management staff” sentiment was deteriorating.

Is Larrea looking for AMLO’s “blessings”?

According to the journalist, the businessman has tried to arrange a meeting with President Andrés Manuel López Obrador under the message that he “Committed to the development of Mexico”,

“Your people have asked the Secretary of the Treasury, rogelio ramirez de la oand that of communication, George NunoLet AMLO get that message,” he wrote.

Salis noted that there are three people shaping up to be appointed as Banamex managers after the purchase is complete:

  • his nephew Fernando Lopez Guerra Larreawhich manages Grupo México Transportes.
  • another nephew of his Ricardo Larrea Zepeda-CaranjaCinemax Captain.
  • his son in law Leonardo Contreras Lerdo de Tejada, Director of Administration and Finance of the Mines of America.
Nation World News Desk
Nation World News Desk
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