Gilinski launches a second takeover bid for Nutresa

Jaime Gilinski speaks with Camilo Verastegui, president of Sudameris Colombia, during a press conference in Bogotá. REUTERS/Fredy Builes/File Photo

On Monday night, the Gilinski Group launched a new Public Acquisition Offer (OPA) for the GEA group’s food processor. Now they bet on a control between 18.3 and 22.88% of the shares.

According to the newspaper Time, the new takeover bid arose after the family obtained 27.68% of the shares of Nutresa, which correspond to 126,798,985 titles, and were awarded this Monday by the Colombian Stock Exchange (BVC).

This change caused the Financial Superintendence to order the suspension of the trading of Nutresa shares, which implies that Valle del Cauca investors would have to pay 10.48 dollars for each Nutresa share to those who decide to sell them.

This situation was the same that occurred last Friday, January 14. According to the newspaper Time, Grupo Sura announced a second takeover bid just after the final result of the acquisition of shares by Gilinski was known.

It is important to remember that the Grupo Gilinski intended to buy at least 50.1% of the ordinary shares and at most 62.625%. Although it did not meet the proposed goal, the family will have a representation on the board of directors.

According The viewer, forming the boards of directors of Sura and Nutresa implies applying a series of strict regulations. One of them is guarantee the participation of a minimum number of minority shareholders to protect their interests. In addition, the members are proposed through lists and assigned by an electoral quotient.

The current boards of directors of these important companies are made up of people of high prestige and preparation, which is why they pay close attention to the movements of the stock market to protect their interests.

When analyzing the bids received, all boards of directors concluded that the price offered was insufficient for the value of their companies. In addition, according to a complaint by Daniel Coronell in the station La W, Sura filed a complaint with the SIC for having kept a reserve on the existence of the takeover bid, which had existed since 2020 and had since prevented other interested parties from submitting better offers.

In addition, It was claimed before the Financial Superintendent that the director of that surveillance entity forever I had to give the go-ahead before executing a transaction that would imply acquiring more than 10% of an entity. Said consent occurred later, which is legal but unprecedented.

With this scenario, the Gilinski family will enter a board of directors that will not welcome them and will focus on avoiding larger acquisitions.

It is well known that when Gilinski pragmatists arrive at an organization, it takes a 180 degree turn so that their new acquisition works in their favor, regardless of the old paradigms that were managed there.

In the 1980s, Jaime Gilinski made the decision to buy the Colombian subsidiary of the International Bank of Credit and Commerce (BCCI), then known for being the most corrupt financial institution in the world. without consideration, the young Jaime changed its name, renewed its board of directors and left it in the black in a matter of months.

At the beginning of this century, the family acquired Banco Sudameris, which they gave their last name and merged with Banco Tequendama, the Colombian subsidiary of HSBC, and the Servibanca ATM network. The success of these movements put Jaime at the top of the Forbes list of the richest men in Colombia.


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