Two major shareholders of Colombia's Nutresa to analyze majority-stake offer

  • 11/26/2021
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OGOTA, Nov 26 (Reuters) - Two of the biggest shareholders in Colombia"s Nutresa, the country"s largest processed food producer, will analyze a public offer to buy a majority stake in the company, they said on Friday. Nutresa (NCH.CN) received an offer for between 50.1% and 62.625% of its circulating shares from Nugil SAS, which is controlled by financial conglomerate Grupo Gilinski.The deal would be worth between $1.78 billion and $2.22 billion. Holding company Grupo SURA (SIS.CN) has a 35.7% stake in Nutresa, making it the largest shareholder. It is conducting rigorous analysis of the offer, which has come at a complicated time, due to effects of the pandemic, President Gonzalo Perez said. We understand that this decision requires analyzing the price of a share not at a particular moment, but over time," Perez said in a video message shared with reporters. Earlier Grupo SURA reported its shareholders had authorized directors to seek a strategic partner to take a non-controlling stake in the company. Grupo SURA"s share price rose 2.92% on Friday to 23,260 Colombian pesos ($5.86). Grupo SURA is made up of insurer Suramericana and pension fund manager Sura Asset Manager and owns 20% to 50% stakes in Bancolombia (BIC.CN), investor Grupo Argos (ARG.CN) and processed food company Grupo Nutresa (NCH.CN). Grupo Argos, which owns a 10% stake in Nutresa, has called an extraordinary meeting for shareholders on Dec. 3 to discuss the offer and analyze potential conflicts of interest of board members. Nutresa"s shares declined 0.14% to 28,200 pesos in the session. ($1 = 3,969.49 Colombian pesos)

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