Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
💎 Reveal Undervalued Stocks Hiding in Any Market Get Started
Citi Mexico suitor Mifel enlists Apollo, ADIA to fund bid -sources
© Reuters.
By Pablo Mayo Cerqueiro and David French
LONDON/NEW YORK (Reuters) - Mexico's Banca Mifel has lined up investors including Apollo Global Management (NYSE:APO) and the Abu Dhabi Investment Authority (ADIA) to fund a bid for Citigroup (NYSE:C) Inc’s Mexican retail bank, two sources familiar with the matter told Reuters.
The debt financing could attract more investors to join in Mifel's bid to buy Citibanamex, although there is enough funding already in place to fully support Mifel's proposal, one of the sources said.
The competition to buy one of Mexico’s biggest banks has narrowed to two bidders, with smaller rival Mifel, led by Daniel Becker, battling billionaire German Larrea's conglomerate Grupo Mexico. Another contender, billionaire Carlos Slim's Grupo Financiero Inbursa, withdrew from the race on Wednesday.
The two remaining bidders are now conducting further due diligence on the business, also known as Banamex, the sources said. The U.S. banking giant is offloading the unit as part of Chief Executive Officer Jane Fraser's efforts to sell some international operations and simplify the firm.
The potential acquisition would transform Mifel. Banamex is Mexico's fourth largest bank by assets with a 11.9% market share, whereas Mifel holds less than 1% of the market, according to the latest data from the country's National Banking and Securities Commission.
Before the news of the backers emerged, some analysts had questioned whether Mifel, despite having private equity fund Advent International as a minority shareholder, could compete for Banamex, given the deep pockets of other suitors. Larrea's personal net worth is estimated at $23 billion, according to Forbes.
Citigroup, Apollo, ADIA and Advent declined to comment. Representatives from Mifel and Grupo Mexico did not immediately respond to emails and phone calls requesting comment.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.