The conglomerate, owned by Jaime Gilinski, one of Colombia's richest men, had over the past year and a half acquired stakes in both Nutresa and Grupo Sura alongside Arab partners such as Abu Dhabi's Royal Group and IHC Capital Holding LLC.

These acquisitions came amid high tensions with the companies' boards.

The MoU involved Aflaj Investment LLC and industrial conglomerate Grupo Argos, Nutresa said in a filing, as well as JGDB Holding SAS and Nugil SAS - both part of Gilinksi's conglomerate.

Nutresa, Grupo Sura and Grupo Argos are part of what is informally known as GEA, the country's largest conglomerate made up of over a hundred firms across all sectors in a complex shareholding arrangement involving many internal partnerships.

The agreement between Gilinksi and GEA takes place amid a number of legal disputes over alleged wrongdoing during takeover bids.

Under this agreement, JGDB and Nugil would acquire a controlling stake of no less than 87% in Nutresa, the food company said in a filing.

"This MoU sets out the initial terms on which it has been agreed to enter into a series of operations between the parties," the filing said.

Nutresa is present in 14 countries with 47 plants producing processed meats, coffee, cookies, chocolates, pasta and ice cream, as well as a line of restaurants and ice cream parlors.

Nutresa would meanwhile exit its stake in Grupo Sura and Grupo Argos, both of which would in turn exit their stakes in Nutresa.

Gilinksi's JGDB and Nugil, as well as their partner IHC Capital, would meanwhile exit their stakes in Grupo Sura.

(Reporting by Nelson Bocanegra; Writing by Sarah Morland; Editing by Brendan O'Boyle)