Gruma to Shed Banorte Stake

Mexico’s Gruma plans to sell most of its 8.8% stake in Banorte, it says. The tortilla maker plans to sell up 141.9m shares in the bank in the US, Mexico and other markets, with the option of a 14.2m greenshoe. Based on Monday’s MXP54.82 closing price, Gruma would raise up to MXP8.55bn. Books are set to close February 9, with pricing announced February 10. The shares to be offered represent 7.7% of Banorte, lowering Gruma’s holding to 1.1% from 8.8%. Banorte, BBVA Bancomer, Morgan Stanley and UBS are managing the sale.