BOGOTA, Nov 18 (Reuters) - An offer by Abu Dhabi's
International Holding Company (IHC) for shares in Colombian food
producer Nutresa was declared void on Friday after it failed to
receive the minimum number of shares, Colombia's stock exchange
said in a statement.
IHC's offer attracted sales of 7.71% of Nutresa, the
statement said. The Abu Dhabi-based fund had sought to buy
between 25% and 31.25% of Nutresa in the offer for $15
"The Colombian stock exchange can inform the market that the
public acquisition offer for common shares of Grupo Nutresa
S.A., addressed to its shareholders, has been declared void," it
said in an official statement.
This was the fourth offer for Nutresa shares, and the second
time that a takeover bid in the company was declared void.
In mid-May, Colombian business magnate Jaime Gilinski worked
with Abu Dhabi's Royal Group - the majority shareholder in IHC -
in a bid to buy shares in the food producer, which was also
Gilinski now owns some 31.09% of Nutresa, Refinitiv data
shows and market sources say Gilinski, which is a partner of
IHC's parent company Royal Group, is behind the IHC offer.
Grupo SURA is Nutresa's largest shareholder, with
35.2% of shares, while Grupo Argos is its third, with
9.95%, Refinitiv data shows.
Reuters was not immediately able to obtain comments from
Gilinski, SURA, IHC or Nutresa on the situation.
Argos said in a statement late on Thursday to Colombia's
financial regulator that it had decided not to participate in
the public acquisition offer for Nutresa after taking into
account technical, strategic and legal analyses.
SURA said that because of a legal demand brought by a
minority shareholder over two of its board members who resigned
last week, taking part would be risky.
The companies regulator ordered two SURA board members to
abstain from participating in decisions related to the IHC offer
and they subsequently resigned.
Argos, SURA and Nutresa are part of Colombia's largest
conglomerate Grupo Empresarial Antioqueno (GEA).
(Reporting by Nelson Bocanegra; Writing by Julia Symmes Cobb
and Oliver Griffin; Editing by Alexander Smith and Daniel