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IHC's $2.15 billion Nutresa bid boosts shares in Colombian conglomerate GEA's companies

BOGOTA (Reuters) - Shares in companies that are part of Colombia's largest conglomerate GEA rose on Wednesday after Abu Dhabi-based investor International Holding Company (IHC)...
IHC's $2.15 billion Nutresa bid boosts shares in Colombian conglomerate GEA's companies © Reuters. FILE PHOTO: The logo of Nutresa is seen in Medellin, Colombia June 26, 2019. Picture taken June 26, 2019. REUTERS/Luis Jaime Acosta/File Photo
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BOGOTA (Reuters) - Shares in companies that are part of Colombia's largest conglomerate GEA rose on Wednesday after Abu Dhabi-based investor International Holding Company (IHC) launched a bid to buy a stake worth up to $2.15 billion in Nutresa.

Grupo Empresarial Antioqueno, or GEA, is a conglomerate of more than 100 firms, including Nutresa, where many own significant stakes in each other.

IHC's bid is the latest in a long-running saga of moves to snap up stakes in GEA companies. Jaime Gilinski, one of Colombia's richest businessmen, moved to buy up to 62.625% of Nutresa's shares last year with support from Abu Dhabi's Royal Group, which is the majority owner of IHC.

IHC has bid to buy between 25% and 31.25% of Nutresa's shares at $15 each - 79.3% higher than the closing price on Tuesday. The IHC bid boosted shares in the conglomerate's other companies.

Shares in investment holding company Grupo SURA, the jewel in GEA's crown which owns the largest stake in Nutresa, rose almost 7% in the morning session.

Shares in industrial conglomerate Grupo Argos also rose around 7%.

"The rises in (shares of) Grupo Argos and Grupo SURA are due to speculative movements in the market associated with the possibility of new takeover bids for these companies," Camilo Andres Thomas of brokerage Alianza Valores told Reuters.

Shares in Colombia's biggest bank, Bancolombia (NYSE:CIB), another GEA company, also rose as much as 5% during the session.

Trading in shares of Nutresa, a processed food producer, were suspended following the IHC offer which, if successful, would be worth between $1.72 billion and $2.15 billion.

Grupo Gilinski, supported by Royal Group, whose chairman is Sheikh Tahnoun bin Zayed Al Nahyan, a brother of the de facto ruler of the United Arab Emirates, took control of 31% of Nutresa in two takeover bids last year.

A third bid was declared void by the Colombian Stock Exchange in May this year.

IHC is a partner of the Gilinski Group, stockbrokers told Reuters. If the latest bid is successful, Grupo Gilinski will become Nutresa's largest shareholder.

Nutresa operates in 14 countries and has 47 production plants for processed meats, coffee, cookies, chocolates, pasta and ice cream, in addition to a line of restaurants and ice cream parlors.

Gilinski Group also secured a 38% stake in Grupo SURA following several bids and transactions last year.

A bid from Gilinski to buy up to 32.5% of Grupo Argos was declared void in July.

($1 = 4,420.38 Colombian pesos)

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    EUR/USD 0.9859 ↑ Buy  
    GBP/USD 1.1352 ↑ Buy  
    USD/JPY 144.84 Buy  
    AUD/USD 0.6507 ↑ Buy  
    USD/CAD 1.3600 ↑ Sell  
    EUR/JPY 142.80 ↑ Buy  
    EUR/CHF 0.9768 ↑ Buy  
    Gold 1,711.60 Neutral  
    Silver 21.027 ↑ Buy  
    Copper 3.4655 Neutral  
    Crude Oil WTI 83.90 ↑ Sell  
    Brent Oil 89.30 ↑ Sell  
    Natural Gas 6.469 ↑ Sell  
    US Coffee C 215.55 ↑ Sell  
    Euro Stoxx 50 3,342.17 ↑ Sell  
    S&P 500 3,678.43 ↑ Sell  
    DAX 12,209.48 Neutral  
    FTSE 100 6,908.76 Neutral  
    Hang Seng 17,079.51 ↑ Buy  
    Small Cap 2000 1,709.05 Buy  
    IBEX 35 7,462.00 ↑ Buy  
    BASF 40.940 ↑ Sell  
    Bayer 47.95 Sell  
    Allianz 161.54 Neutral  
    Adidas 119.00 ↑ Buy  
    Lufthansa 5.716 Sell  
    Siemens AG 100.92 ↑ Sell  
    Deutsche Bank AG 7.630 ↑ Sell  
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SJC Eximbank6,550/ 6,630
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