International Holdings refuses to complete the deal to purchase shares in the largest Colombian food company

Abu Dhabi-based IHC Capital Holding declined to buy a stake in Colombia’s largest food company, Grupo Nutresa SA, after investors offered 7.7% of existing shareholders in an offer that closed on Friday, according to a statement from a spokesperson for the exchange.

Al Alamiah Holding said in a statement that Nutresa’s offer was part of its plan to expand globally. Company spokesman Ahmed Ibrahim added: “South America offers an excellent mix of social and economic factors and IHC will continue to seek deals in that region”.

The company was looking to buy between 25% and 31.25% of the Snack, Chocolate and Coffee Machine at $15 a share. The shares closed at 54,600 pesos (about $11).

It’s the latest chapter in a year-long effort by global holding company and Colombian billionaire Jaime Gilinsky to take control of Grupo Empresarial Antioqueno, or GEA, by buying shares in its member companies, including Nutresa.

Since November 2021, Gilinsky, who made his fortune in banking, has spent more than $2 billion to become the second largest shareholder in Nutresa and the largest in Grupo de Inversiones Suramericana SA, a financial holding company.

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