Deals

Colombian Billionaire Drops Argos Bid, Maintains Sights on Medellin Group

Tendered Argos shares fall short of banker’s minimum 26% goal
Gilinski to focus on taking control of Grupo Sura or Nutresa

Billionaire Jaime Gilinski during a Grupo Sura shareholders meeting in Medellin, Colombia, on Monday, June 13, 2022.Photographer: Edinson Ivan Arroyo Mora/Bloomberg

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By Andrea Jaramillo

July 6, 2022 at 10:22 PM UTC

This article is for subscribers only.

Colombian billionaire Jaime Gilinski scrapped his push to buy a stake in Grupo Argos SA as he focuses on other ways to take control of the country’s most influential business group.

The banker’s effort to buy at least 26% of the cement and infrastructure conglomerate fell short when the stock exchange said Wednesday that shareholders tendered just 11% of the total. Gilinski won’t buy the shares that were offered and doesn’t plan to make a new bid for now, according to a person familiar with the decision who asked not to be identified discussing the plan.