Home » Economy » Grupo Argos: the defense in case Gilinski presents a takeover bid to acquire it | Companies | Business

Grupo Argos: the defense in case Gilinski presents a takeover bid to acquire it | Companies | Business

Argos Group you are taking steps to avoid a possible takeover offer (takeover bid) and make it difficult for the billionaire Jaime Gilinski managed to gain control of some of the largest conglomerates in the country.

(See: Debate opens on the ‘fair’ price of Nutresa’s share).

Argos, which has interests in cement and energy and infrastructure, made the decision to “accelerate strategic processes that it had been carrying out and analyzing“, as the linking of international partners, the review of its dividend policy and the listing of some of its assets on international stock exchanges.

In doing so, it seeks to strengthen its valuation among investors who might otherwise approve an acquisition.

(See: Key week for the Gilinski Group takeover bids).

The company also said in a regulatory filing that it will not sell its nearly 10% stake in Grupo Nutresa, rejecting Gilinski’s offer.

Gilinski revoluciono the capital markets of Colombia with 3.4 billion dollars in offers for Grupo Nutresa, the largest food manufacturer in the country, and for Sura Group, one of its largest financial companies.

Together with Grupo Argos, the companies are part of an influential Medellín-based business association called Grupo Empresarial Antioqueño (GEA).

(See: Grupo Argos will not participate in the takeover by Grupo Nutresa).

Members have stakes in each other’s companies, an arrangement they developed expressly decades ago to prevent takeover attempts.

ARGOS UP

Cementos Argos rose to its highest level in almost two years after the announcement of its parent company and the approval of its board of directors to list its US company on the New York Stock Exchange.

(See: Gilinski Group boosted the Colombian stock market).

The shares rose 3.6%, to 6,600 pesos, in Bogotá, the highest level of closure since January 23, 2020.

Grupo Argos also announced that “will advance the consolidation of its investments in road and airport concessions, energy and real estate rents in a single vehicle“for the purpose of listing on the New York Stock Exchange.

The company said Gilinski’s bid for Nutresa underestimates the value of the company, citing a study it commissioned from JP Morgan Chase & Co.

Argos shares have risen about 30% since Gilinski made the first of his buy offers in mid-November as traders speculate that he is the billionaire’s next target.

(See: Gilinski’s plans: aim at the heart of Grupo Empresarial Antioqueño).

It is worth clarifying that, for now, Gilinski has not launched any bid for Argos, as speculated in previous weeks.

BLOOMBERG

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