Overview

• Grupo México told the Mexican stock exchange it made a binding offer to acquire up to 100% of Banamex, outlining 0.85x book for 25% and 0.80x for the remaining 75%.
• Citi said it has not received any offer to date and would evaluate a formal proposal if submitted, weighing regulatory approvals and closing certainty.
• The proposal allows Fernando Chico Pardo to keep his newly agreed 25% stake, with Grupo México seeking the other 75% on the same 0.80x book multiple.
• Citi maintains that the Chico Pardo transaction and a public listing for the remaining shares remain its preferred path announced in late September.
• Grupo México frames its bid around majority Mexican ownership, sole supervision by Mexican financial authorities, and commitments to preserve jobs and cultural assets.