Grupo Mexico says it won't enter a bidding war for Citigroup's Banamex - report

[Citibank Logo]
tbradford

Grupo Mexico (OTCPK:GMBXF [https://seekingalpha.com/symbol/GMBXF]) said on Tuesday that it won't raise its bid for Citigroup's (NYSE:C [https://seekingalpha.com/symbol/C]) Banamex retail business as its existing offer already has a higher value than a previously accepted competing bid, Reuters reported.

The mining and transportation conglomerate's statement came after the company lost ~$10.7B in market value. Last week, Grupo Mexico made a new offer for the Citi retail unit in Mexico, more than two years after it ended a previous bid. The new bid competes with an agreement for Citi (NYSE:C [https://seekingalpha.com/symbol/C]) to sell a 25% stake in the Mexican retail business to Fernando Chico Pardo for ~$2.3B.

Grupo Mexico (OTCPK:GMBXF [https://seekingalpha.com/symbol/GMBXF]) class B shares rose 1.6% in Tuesday trading after falling 14% [https://seekingalpha.com/symbol/GMBXF/historical-price-quotes] on Monday. Citi (NYSE:C [https://seekingalpha.com/symbol/C]) stock slipped 0.4%.

Analysts had speculated that Grupo Mexico would enter a bidding war for Banamex, Reuters reported [https://www.reuters.com/business/grupo-mexico-wont-raise-banamex-bid-plans-share-stake-with-local-investors-2025-10-07/]

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