Colombian Billionaire Gilinski Behind Nutresa Takeover Bid

(Bloomberg) -- Jaime Gilinski, one of Colombia’s richest men, is behind a takeover bid for a majority stake in the $2.6 billion food producer Nutresa SA. 

Trading in shares of Medellin-based Nutresa were suspended late Wednesday following a takeover bid to obtain a minimum of 50.1% of shares and a maximum of 62.625%, according to a regulatory filing.

In a separate statement, Colombia’s stock exchange said Nugil SAS presented a guarantee to participate in the public offering to acquire shares of the food producer. Gilinski appears as one of the legal representatives of Nugil, according to Colombia’s company registry. He didn’t immediately respond to a request for comment sent through his LinkedIn account and a request sent to GNB Sudameris where he is a board member also went unanswered.

The offer to buy a majority stake in the company, which makes goods including coffee, crackers, pasta and meat, came with a premium. The suggested price per share was $7.71, payable in either Colombian pesos or dollars, according to the filing. That compares to the Nov. 10 price of 21,740 pesos ($5.6) before trading was halted. 

Nutresa’s two largest shareholders, Grupo de Inversiones Suramericana SA and Grupo Argos SA, combined hold a 45% stake in the company. The Medellin-based firms, both part of a conglomerate known as Grupo Empresarial Antioqueno, each rose about 2% in Bogota trading Thursday. 

Gilinski is worth about $4.4 billion, according to the Bloomberg Billionaires Index, and has made the bulk of his fortune from the finance industry and private equity investments. He is a shareholder and board member of Banco GNB Sudameris, a Bogota-based bank, and in 2019 bought a stake in U.K. lender Metro Bank Plc.

Nutresa also operates fast food hamburger chain El Corral. Nutresa shares have fallen about 10% this year compared with a 5% drop for the broader Colombia stock market.

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