Abu Dhabi Royals Back Colombian Billionaire’s Bid for Food Firm - Bloomberg
A conglomerate with ties to Abu Dhabi’s royal family is aiding billionaire Jaime Gilinski and his son, Gabriel, in their attempted takeover of Colombian food producer Nutresa SA, a person familiar with the matter said.
Abu Dhabi’s Royal Group will partner with the Gilinskis in a proposed bid for a minimum of 50.1% of shares and maximum of 62.6% of Medellin-based Nutresa, according to the person, who asked not to be named as the details are not public. The deal, which could reach as much as $2.2 billion, could close before the end of the year, the person said.
As part of the transaction, United Arab Emirates lender First Abu Dhabi Bank will present a standby letter of credit for 50% of the maximum acquisition value, the person said. Sheikh Tahnoon Bin Zayed Al Nahyan, a brother of Abu Dhabi’s Crown Prince Mohammed bin Zayed, is listed as both firms’ chairman, according to the company websites.
The Royal Group and First Abu Dhabi Bank didn’t immediately respond to a message seeking comment outside business hours. A request for comment sent to GNB Sudameris -- where Jaime Gilinski is a board member -- wasn’t immediately answered.
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