Mexican corporate titans Carlos Slim and German Larrea are squaring off to acquire Citigroup Inc's local retail arm after the latest round of bidding left the duo as frontrunners, sources familiar with the matter said.
New proposals were submitted last week for Citibanamex, which is being offloaded by the U.S. bank as part of Chief Executive Officer Jane Fraser's efforts to sell some international operations and simplify the firm.
The sources did not disclose the bid amounts for the unit, known too as Banamex. One noted that Citigroup was set to provide candidates with more in-depth information on the business in the coming days, meaning prospective prices could be revised.
Banca Mifel - run by Daniel Becker, who separately heads Mexico's banking association - also made an offer. Still, one of the sources said it lacked the financial backing to compete with the proposals from Slim's Inbursa and Larrea's Grupo Mexico.
finance.yahoo.com
New proposals were submitted last week for Citibanamex, which is being offloaded by the U.S. bank as part of Chief Executive Officer Jane Fraser's efforts to sell some international operations and simplify the firm.
The sources did not disclose the bid amounts for the unit, known too as Banamex. One noted that Citigroup was set to provide candidates with more in-depth information on the business in the coming days, meaning prospective prices could be revised.
Banca Mifel - run by Daniel Becker, who separately heads Mexico's banking association - also made an offer. Still, one of the sources said it lacked the financial backing to compete with the proposals from Slim's Inbursa and Larrea's Grupo Mexico.
Billionaires Slim, Larrea face off for Citi's Mexico business - sources
Mexican corporate titans Carlos Slim and German Larrea are squaring off to acquire Citigroup Inc's local retail arm after the latest round of bidding left the duo as frontrunners, sources familiar with the matter said. New proposals were submitted last week for Citibanamex, which is being...
