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    GRUPOARGOS   COT09PA00035

GRUPO ARGOS S.A.

(GRUPOARGOS)
  Report
End-of-day quote Bolsa De Valores De Colombia  -  2022-11-27
9900.00 COP   -1.00%
11/25Colombia attorney general investigating failed public offer for Nutresa shares
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11/21Colombia's Nutresa shares down more than 28% after failed public offer
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11/18IHC bid for Colombian food producer Nutresa unsuccessful
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IHC's $2.15 billion Nutresa bid boosts shares in Colombian conglomerate GEA's companies

09/21/2022 | 01:41pm EST
FILE PHOTO: The logo of Nutresa is seen in Medellin

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, 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)

(Reporting by Luis Jaime Acosta and Oliver Griffin; Writing by Oliver Griffin. Editing by Jane Merriman)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BANCOLOMBIA S.A. -2.60% 40810 End-of-day quote.17.61%
GRUPO ARGOS S.A. -1.00% 9900 End-of-day quote.-26.94%
GRUPO DE INVERSIONES SURAMERICANA S.A. -2.45% 39500 End-of-day quote.31.67%
GRUPO NUTRESA S. A. -4.13% 39010 End-of-day quote.36.21%
INTERNATIONAL HOLDING COMPANY 0.66% 410 End-of-day quote.169.74%
ROYAL GROUP CO.,LTD. 0.87% 6.97 End-of-day quote.58.41%
All news about GRUPO ARGOS S.A.
11/25Colombia attorney general investigating failed public offer for Nutresa shares
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11/21Colombia's Nutresa shares down more than 28% after failed public offer
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11/18IHC bid for Colombian food producer Nutresa unsuccessful
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11/18Colombia's Argos and SURA put IHG's Nutresa offer in doubt
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11/15Grupo Argos S.A. Reports Earnings Results for the Third Quarter and Nine Months Ended S..
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11/14Colombia's Grupo Argos Q3 net profit drops 9.2% after jump in costs
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09/29GRUPO ARGOS S.A. : Ex-dividend day for quarterly dividend
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09/21IHC's $2.15 billion Nutresa bid boosts shares in Colombian conglomerate GEA's companies
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08/16Transcript : Grupo Argos S.A., Q2 2022 Earnings Call, Aug 16, 2022
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08/15Reuters-schedule/…
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More news
Financials
Sales 2022 19 225 B 3 979 M 3 979 M
Net income 2022 952 B 197 M 197 M
Net Debt 2022 15 374 B 3 182 M 3 182 M
P/E ratio 2022 9,25x
Yield 2022 4,61%
Capitalization 7 808 B 1 616 M 1 616 M
EV / Sales 2022 1,21x
EV / Sales 2023 1,16x
Nbr of Employees 12 852
Free-Float 48,7%
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Mean consensus HOLD
Number of Analysts 4
Last Close Price 9 900,00 COP
Average target price 13 250,00 COP
Spread / Average Target 33,8%
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Managers and Directors
Jorge Mario Velasquez Jaramillo President & Chief Executive Officer
Alejandro PiedrahÝta Borrero Vice President-Strategy & Finance
Rosario Cordoba Garces Chairman
Ana Cristina Arango Uribe Independent Non-Executive Director
Armando Montenegro Trujillo Independent Non-Executive Director
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