Abu Dhabi-based investment major International Holding Company (IHC) launched a $2.8 billion (AED10.2 billion) tender offer on Wednesday to acquire 25 percent to 31.25 percent equity stake in Colombian food-processing conglomerate Grupo Nutresa.
IHC is making the bid for the Medellín-headquartered Grupo Nutresa through its subsidiary, IHC Capital Holding.
The offer launch followed IHC receiving approval from the Colombian Superintendency of Finance to launch the tender for the stake acquisition in Nutresa.
Ahmad Ibrahim, IHC’s head of marketing and corporate communication said the process has been smooth and entirely transparent.
“We are delighted that we have received the authority’s confirmation to launch our tender and we will continue to work with the local authority over the coming weeks as this is still a work in progress,” Ibrahim said.
He said the results of the tender will be known by November 18, which is the end of the acceptance period of the tender offer.
The stake acquisition move is part of IHC’s long-term investment and development plan in South America, selecting Colombia for the site of its new base in the Latin American continent.
The Abu Dhabi investment powerhouse had previously partnered with Colombian banker Jaime Gilinski in his bid for Nut5 resa, according to a Bloomberg report.
Bloomberg, quoting IHC, said the investment firm had filed a request to tender for stake acquisition in the Columbian food major at $15 per share, a substantial premium to the stock’s recent trading prices.
Grupo Nutresa was acknowledged as the most sustainable food company in the world last year, according to the 2021 Dow Jones Sustainability Indices.
The Dow Jones Indices consist of indicators that aggregate the companies with the best economic, social, and environmental performances.
The ranking is run by S&P Global Ratings, a leading global credit rating agency.
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