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Abu Dhabi investment firm International Holding Co. (IHC) has received approval from Colombia’s securities regulator to bid for Grupo Nutresa.
IHC said in September Seeking to acquire 25% to 31.25% Acquired Colombia’s largest food company for $15 per share. A request for authorization from the Colombian Financial Supervisory Authority has now been received for the tender.
In a filing with the Abu Dhabi Stock Exchange yesterday (Oct 19), IHC said its IHC Capital Holding subsidiary has received approval to launch a tender offer worth AED 7.7 billion ($2.1 billion) for the shares.
“The entire process was smooth and fully transparent. We are delighted to have received confirmation from the authorities to launch our tender,” Ahmed Ibrahim, IHC’s head of marketing and communications, said in the document.
However, the process is “still in progress” and the acceptance window for Medellin-based Nutresa will run until November 18. just food The meat-to-pasta business, which had sales of 12.7 trillion Mexican pesos ($2.8 billion) last year, has been approached for comment.
IHC’s bid comes at the same time as Colombian billionaire and banker Jamie Gilinski’s attempt to increase his stake in Nutresa, with links between the bidders.
The Abu Dhabi Investment Company is chaired by ruling family member HH Sheikh Tahnoon bin Zayed Al Nahyan, brother of UAE President Sheikh Mohamed bin Zayed Al Nahyan. The chairman holds the same position at Abu Dhabi Group Royal Group, which is also reported to be an investor in the Nugil investment vehicle run by Gilinski.
Gilinski has been fighting for a majority stake in Nutresa through Nugil since late last year, when it was revealed that he had a 27.6 percent stake.In January, Colombian media reported that he had launched a bid Further acquisitions 18.3% to 22.8%. Bloomberg According to reports, Nugil holds a 31.09% stake.
Meanwhile, holding companies Grupo Sura and Grupo Argos had previously rejected Gilinski’s proposal to buy their combined minority stake in Nutresa. Sura owns 35.7%, while cement and energy company Grupo Argos owns 10%. Sura also owns 35.5% of Argos.
Founded in 1998, IHC had revenue of AED28.5 billion last year. The investor said in a stock exchange filing that its bid for Nutresa shares “is part of IHC’s long-term investment and development plan in South America, selecting Colombia as its new base on the Latin American continent.”
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