BOGOTÁ, Nov 19 (Reuters) – Colombia’s Financial Superintendency approved the Public Acquisition Offer (OPA) presented by the Gilinski Group to take control of food producer Nutresa, a source close to the operation reported on Friday.
With the authorization of the financial regulator, Nugil SAS, controlled by the Gilinski Group, will have a free hand to negotiate with Nutresa shareholders.
The approval came after Nugil SAS registered on the Colombian Stock Exchange as collateral a letter of credit for 1,082.5 million dollars with the financial backing of the private investment fund Royal Group of Abu Dhabi.
The tender offer offered to buy between 50.1% and 62.625% of Nutresa’s outstanding shares.
The amount of the transaction would be between 1,777 million dollars and 2,221 million dollars, taking into account that the total of Nutresa shares is 460,123,458, according to data from the Colombian Stock Exchange.
The purchase price for each Nutresa share will be $ 7.71, according to the tender offer.
Nugil SAS is required by law to buy up to 62.6%, but could keep a higher percentage of the company if acceptances exceed that level. Likewise, he could acquire less than 50.1% if he so decides, explained the source close to the process who asked to keep his name in reserve.
The trading of Nutresa shares was suspended on the Colombian Stock Exchange since November 11 after the takeover was known and with the authorization it will be reactivated next Monday.
The Nutresa share was last traded on November 10 and closed at 21,740 pesos.
With the Gilinski Group offer of $ 7.71 per share, the title reaches a record of 30,403 pesos at the exchange rate in effect this Friday, the day the offer was authorized.
Nutresa has a direct presence in Colombia, Chile, Costa Rica, Guatemala, Mexico, Panama, the United States, Venezuela, Ecuador, El Salvador, Nicaragua, Peru, the Dominican Republic and Malaysia.
In those countries it focuses on the production of processed meats, cookies, chocolates, coffee, pasta, ice cream and the line of restaurants and ice cream parlors.
Among the main shareholders of Nutresa are the conglomerates Grupo SURA, Grupo Argos and the pension fund Porvenir. (Report by Carlos Vargas. Written by Luis Jaime Acosta)