Corfi Sets Timeline for Promigas Offer

Corporacion Financiera Colombiana (Corficolombiana) plans to launch Tuesday an offer to buy the 75.03% of shares in gas distribution and pipeline company Promigas it does not own. The financial group is offering up to COP2.49trn ($1.41bn), targeting 99.7m shares at a price of COP25,000 each, in the offer scheduled to close September 12. The offer has been planned since Corficolombiana, along with other investors, closed the acquisition of companies owning 52.13% in Promigas. Fellow Grupo Aval unit Casa de Bolsa is managing the process.