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Grupo Mexico Rules Out Any Further Bidding for Banamex
October 8, 2025
Grupo Mexico SAB said it has no plans to engage in a bidding war for Citigroup’s Banamex unit and indicated it may pursue a future public listing if its current offer succeeds. Citigroup has 10 days to review the bid, valued at around $9.3bn, which prices 25% of Banamex at 0.85x book value and the remaining stake at 0.8x. The offer could challenge Citigroup’s earlier agreement with billionaire Fernando Chico Pardo, who has government backing, though President Claudia Sheinbaum noted the final decision rests with Citigroup. Grupo Mexico plans to finance the deal with less than $2bn in loans and has secured commitments from other Mexican investors to acquire 40% of Banamex, with the potential for a future IPO. Grupo Mexico’s shares plunged 15% on Monday, before rebounding 1.6% on Tuesday following the confirmation. Analysts noted that the selloff was exaggerated, noting Banamex could add value but should not distract from the group’s core mining operations.
Citigroup’s bonds traded broadly stable with its 4.45% 2027s at 100.5, yielding 4.18%.
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