© Archyde.com/FREDY BUILES
File photo. General view of the Colombian Grupo SURA building in the city of Medellin
By Nelson Bocanegra
BOGOTÁ, Feb 28 (Archyde.com) – Tycoon Jaime Gilinski achieved his goal in a second takeover bid for Colombian investment holding company Grupo SURA and became its largest shareholder, the results of the operation revealed on Monday in the stock market.
At the close of the takeover bid, the stock exchange reported that claims had been received for 7.74% of the total outstanding shares of Grupo SURA.
Gilinski had offered to acquire between 5% and 6.25% of the ordinary shares of the conglomerate at a price of 9.88 dollars, with which, when taking the maximum limit, the banker will disburse 288.9 million dollars, according to calculations by Archyde.com.
The exchange specified that the acceptances received in the bid are subject to the validation and approval of the body for the adjudication process.
Grupo SURA and Gilinski immediately refrained from commenting.
Gilinski’s participation would total 31.5% if one takes into account that in a takeover bid that ended in January, he was awarded 25.3% for which he paid 952.5 million dollars and with which he is assured as the largest shareholder, surpassing Grupo Argos which owns 27.7%.
Additionally, the stock exchange reported that Gilinski received demands for 3.11% of the outstanding shares of processed food producer Grupo Nutresa, lower than the range of between 18.3% and 22.88% that he was seeking in another takeover bid.
In the first operation, Gilinski together with the Royal Group of Abu Dhabi acquired 27.7% of the shares of Nutresa, for some 980 million dollars.
Nutresa is a leading company in processed foods in Colombia and one of the most relevant players in the sector in Latin America, with a direct presence in 14 countries with 47 production plants for processed meats, cookies, chocolates, coffee, pasta, ice cream and the line restaurants and ice cream parlors.
LOOKING FOR PARTNERS
Nutresa and Grupo SURA are two of the jewels in the crown of the Grupo Empresarial Antioqueño, made up of more than a hundred companies from all sectors, in a stock castling in which most of the firms are partners, with Grupo Argos standing out , Bancolombia, Cementos Argos, Celsia and the Protección pension fund.
© Archyde.com/LUIS JAIME ACOSTA
File photo. The logo of Colombian processed food producer Nutresa is seen at its headquarters in the city of Medellin
Earlier, the president of Grupo SURA, Gonzalo Pérez, said that the holding company will resume the search for a possible strategic partner after the completion of the takeover bid.
Grupo SURA had suspended the search for a strategic partner to comply with the passivity rule, a stock market rule that prevents the company from carrying out strategies that may affect or interfere with the development of the takeover bid.
“Once the first takeover bid was presented, that search for the strategic partner clearly had to be suspended and then we hope, once the passivity rule has expired, that the board of directors with the administration will continue to consider the possibilities of continuing to add knowledge and long-term vision,” he replied. Pérez told Archyde.com in a call with investors.
© Archyde.com/Fredy Builes
File photo. businessman Jaime Gilinski speaks during a press conference in Bogotá
One of Grupo SURA’s most important partners is German reinsurance group Munich RE, which owns 18.9% of the insurer Suramericana.
Grupo SURA is present in 11 Latin American countries with investments in the banking, insurance, pension, savings, food, cement, energy and infrastructure sectors, as well as in a corporate venture for innovation and technology companies.
Among the main companies in which the holding company has investments are Bancolombia, Grupo Argos, Grupo Nutresa, the insurance company Suramericana and the pension fund manager Sura Asset Management.
Grupo SURA projected a growth of between 10% and 15% in its net income this year, after profit more than quadrupled in 2021 to 1.52 billion pesos (388.6 million dollars), compared to with that of 2020.
(1 dollar = 3,910.64 pesos)
(Reporting by Nelson Bocanegra. Editing by Luis Jaime Acosta)