Colombian Billionaire Partners With Abu Dhabi in $2.2 Billion Bid for Nutresa - Bloomberg
Over a span of four decades, Jaime Gilinski has quietly amassed a fortune exceeding $4 billion by expanding his family’s group of companies and pushing into new areas like banking, finance and real estate.
At 63, the Colombian native is embarking on his biggest gamble yet: a $2.2 billion bid to buy a majority stake in foodmaker Grupo Nutresa SA with the royal family of Abu Dhabi. For the deal to succeed, he’ll need to convince a group of investors in the complex cross-holding known as Grupo Empresarial Antioqueno, or GEA, and pension funds that the 38% premium is too sweet to pass up.
The offer to buy as much as 62.6% of the Medellin-based company has thrust the usually private Gilinski into the limelight and sent shock waves through the normally sleepy local capital markets where M&A deals of relevant size are rare. Shares in Nutresa jumped 23%, the most in more than two decades, to 26,780 pesos as trading resumed in Bogota on Monday.
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