The Gilinski family’s strategy to take control of the Nutresa and Sura groups would have had the support of the governments of Iván Duque and Gustavo Petroas well as the regulatory authorities of the Colombian market, according to sources from Sura consulted by the Financial Times, and quoted in an article published this Sunday on the website of this magazine, which recounts what this bid has been. between two large financial and business conglomerates that have already knocked on the doors of the courts.
(Also read: ‘Youth resources cannot cover the gaps in Colpensiones’)
However, the same publication states that both the former president and the current president of the Colombians denied, through their press offices, any participation or favoritism in the decisions of the market regulatory bodies, which are they had complied with the provisions of the law.
In their defense, the Gilinskis responded that Grupo Sura’s directives were out of context and that they used to blame others for their failures, same magazine, who quoted in the words of gabriel gilinskywho has a seat on that organization’s board of directors, reportedly said that: «The same managers who gleefully rang the bell on the local stock market while issuing billions of dollars of stock, primarily to local pension funds to boost their empire-building ventures, now claim the market doesn’t work.»
(You may also be interested in: Investing in the short term, in the face of a landing economy)
In the article in question, it is also warned, in addition, that some of the tactics used by the Gilinski in their purpose of gaining control of the crown jewels of the so-called Antioquia Business Group (GEA)such as launching public purchase offers (opas) of shares that are increasingly aggressive in price, have been highly controversial, something that, although it is not illegal in Colombia, is not allowed in other markets.
And he cites Sergio Galvis, Sura’s US legal counsel at Sullivan & Cromwell, who said: «In the US, it’s hard to imagine anyone getting away with making successive public offerings at ever-rising prices.»