Grupo Gilinski and Nutresa: The Details Behind the Deal

Bloomberg Línea has learned more of the key details of the deal with which the Cali-based conglomerate will take control of Grupo Nutresa, and for which it will relinquish control of Grupo Sura

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Bogotá — Colombia’s Grupo Gilinski and Grupo Empresarial Antioqueño have signed the peace after a year, six months and 14 days of bidding for control of Grupo Sura and Grupo Nutresa.

Bloomberg Línea has learned from the negotiation’s advisors about some of the additional details in addition to those revealed by the parties on Wednesday afternoon.

A source close to the negotiation, who preferred not to be named discussing the deal, said that, in the transaction through which Gilinski will control at least 87% of Nutresa and with which GEA will recover the 38% of Sura that today belongs to Gilinski, there will be no additional payments.

The source explained that the agreement is restricted to an exchange of shares in which Gilinski increases its participation in Nutresa to 87%, but at the same time hands over all the shares it already bought in Grupo Sura.

Another aspect that was negotiated is that the judicial dispute will be withdrawn. Each of the parties will commit to withdrawing the lawsuits initiated within the framework of the war for the control of Grupo Sura.

On November 18, 2021, just eight days after the hostile takeover of GEA by the Gilinskis began, Bloomberg Línea reported that the bankers were thinking of maintaining their corporate governance, leaving the Medellín headquarters in place and strengthening it and injecting resources to seek its internationalization.

In fact, the family’s vision for Nutresa is to take it to markets such as Africa and the Middle East with the support of the Emirati partner that accompanied them in the offer.

Nutresa is a leading company in processed foods in Colombia and one of the most important players in the sector in Latin America, operating through eight business units: meat, cookies, chocolates, coffees, consumer foods, ice cream and pasta.

Its brands are well-known and have a presence in 17 countries on five continents, with distribution networks, production plants and local brands, through 47 production plants, from which it manufactures products available in 82 countries around the world.

Nutresa has 65 brands, among which there are some as well known as Zenú, Ranchera, Noel, Corona, Jet, Matiz, Zuko, El Corral, Beer Station, Polet, and Monticello.