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Gilinski Doesn't Plan On Making More Offers For Nutresa

COLOMBIA
  • Grupo Aval CEO Luis Carlos Sarmiento discussed strong economic growth in Colombia as the country emerges from the pandemic, working with fintechs and the upcoming presidential election.
  • Sees Strong Growth Taming Election Risk:
    • “The economy is growing and everybody rides the growth of the economy, regardless of what they say,” Sarmiento, 60, said in an hour-long interview. “So I think that as long as that keeps happening, we’ll see more or less the same.”
  • Shares in Grupo Nutresa SA fell the most on record after a third takeover bid by billionaire Jaime Gilinski was declared void.
    • The shares in the maker of snacks, chocolate and coffee slumped 14.5% in Bogota trading to 42,400 pesos.
    • After his latest tender offer fell short of his target, the banker doesn’t plan on making more offers for the company, according to a person familiar with the discussions.
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