Deals
Grupo Mexico in Advanced Talks for Citigroup’s Banamex Unit
- Deal may still fall apart, IPO still possible, people say
- Adding bank may widen company’s holding discount, Scotia says
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Tycoon German Larrea’s conglomerate Grupo Mexico SAB is in advanced talks on a potential acquisition of Citigroup Inc.’s Mexican retail bank Banamex, people with knowledge of the matter said.
The mining magnate is trying to finalize terms of a potential deal with Citigroup, the people said, asking not to be identified because the information is private. No final agreements have been reached, and talks could still fall apart or another buyer could emerge, the people said.