Gilinski launches offer for up to 32.5% of Grupo Argos shares

div classBodysc17zpet90 cdBBJodivpBOGOTA Reuters – Colombian business magnate Jaime Gilinski has launched a public acquisition offer for shares in industrial conglomerate Grupo Argos, the third company which has recently found itself in Gilinski‘s sights, the country’s financial regulator said.p

pGilinski – who has shaken up Colombias largest conglomerate, Grupo Empresarial Antioqueno GEA, by launching a series of offers for shares in member companies – is seeking between 26 and 32.5 of Argos.pdivdivdiv classBodysc17zpet90 cdBBJodiv

p“The purchase price for each share will be 4.08,” the regulator told the stock exchange in a statement late on Thursday. p

pTrading of Argos shares will be suspended until a day after the formal acquisition offer is published.p

pThe offer could be worth between 697.6 million and 872 million, according to Reuters calculations.p

pGilinski, one of Colombia‘s richest men and owner of bank GNB Sudameris, has become financial conglomerate Grupo SURA’s largest shareholder through three public offers, accumulating 34.58 of the companys shares and beating out previous top shareholder Argos. p

pHe has also launched three offers for shares in food producer Nutresa which have won him 30.8 of the company. He is now the second shareholder after SURA.p

pThe GEA companies – which typically own large stakes in each other – have always declined to participate in the public offers, saying the values offered by Gilinski are too low.p

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pp Reporting by Luis Jaime Acosta Writing by Julia Symmes Cobb Editing by Chizu Nomiyamap

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