Billionaire Gilinski to bid for financial giant Sura

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(Bloomberg) – Billionaire Jaime Gilinski launched an offer to acquire a substantial stake in financial conglomerate Grupo Sura on Tuesday, just weeks after making an offer to acquire a Colombian food producer.

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Gilinski and his son Gabriel are behind the offer of US $ 8.01 per share, targeting up to 31.68% of Grupo de Inversiones Suramericana, according to a person with direct knowledge of the offer. The offer, which represents a premium of more than 27% of Tuesday’s closing price, will go to shareholders after regulatory approval and could be finalized later this year or early January, the person said.

Gilinski, 63, partnered with the Abu Dhabi royal family this month in a bid to take control of food producer Grupo Nutresa SA in a deal that could be worth up to $ 2.2 billion. The royal family is not a partner in the bid for Sura, the person said. JGDB Holding SAS submitted a guarantee offer to participate in the OPA, according to a statement from the Colombian Stock Exchange.

Sura, Nutresa and other Medellín-based companies make up Grupo Empresarial Antioqueño, a business association that uses a cross-investment system to defend against takeover bids. If Gilinski succeeds in taking over Nutresa, he will have control of the 13% stake that the company owns in Grupo Sura, which, in turn, owns a 35% stake in Nutresa.

Sura owns an insurer and an asset management company and has a 46% stake in Bancolombia SA, the country’s largest bank. Its shares have risen 18% since Gilinski launched its takeover bid for Nutresa.

Gilinski, who has made most of his fortune in the financial and private equity industry, is valued at around $ 4.3 billion, according to the Bloomberg Billionaires Index, making him one of the richest people in Colombia. .

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Billionaire Gilinski Said to Make Offer for Financial Giant Sura

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