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A company controlled by Abu Dhabi’s royal family has offered to buy a stake in Colombian food maker Grupo Nutresa SA for as much as $2.15B. Grupo Empresarial Antioqueno, or GEA, is a conglomerate of more than 100 firms, including Nutresa, where many own significant stakes in each other.
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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.
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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.