Germán Larrea's Grupo México Revives Banamex Acquisition Talks with Binding Offer
Mexican conglomerate Grupo México, led by billionaire Germán Larrea, has resurfaced with a binding offer to acquire up to 100% of Banamex from Citigroup. The proposal, which aims to maintain majority Mexican ownership, comes a week after businessman Fernando Chico Pardo announced his purchase of a 25% stake in the bank.
The multinational conglomerate, which operates in mining, transportation, and infrastructure, has left open the possibility of acquiring only 75% of the bank to respect Chico Pardo's investment. This is the second time Grupo México has shown interest in Banamex, with a previous attempt failing in 2023. The news of the potential stake in Banamex caused Grupo México's stock price to drop significantly, sinking 18.8% on Monday morning.
The offer from Germán Larrea, the second-richest man in Mexico with an estimated fortune of US $46.3 billion, revives negotiations that had been abandoned in 2023. It proposes alternatives, including partnering with the recent buyer of 25% of the bank. Citi has not yet received an offer from Grupo México but will consider any submitted by them.
The proposal from Grupo México to acquire up to 100% of Banamex is currently under consideration by Citigroup. The outcome of these negotiations will shape the future ownership and control of one of Mexico's major financial institutions.
