Argos Offers to Increase Colinversiones Stake

Colombian holding company Argos has offered to buy a 5%-6% stake in peer Colinversiones through a tender at COP6,160 per share, or about $140m, CFO Ricardo Sierra tells LatinFinance. He adds that the transaction will be financed with cash on hand. “We have raised funds through asset divestitures and bank financing,” Sierra explains. Buying the 6% stake would increase Argos’ participation in Colinversiones to about 55.0% from 48.7%, he says. Valores Bancolombia is assisting with the tender.