Overview

• Grupo México publicly offered to buy up to 100% of Banamex at book-value multiples that imply an overall valuation near $9 billion, including terms to acquire or coexist with Fernando Chico Pardo’s 25% stake.
• The company asked Citi’s board to review the bid within 10 days and to factor in observations from U.S. regulators as it consults shareholders.
• Grupo México said the deal would not require a significant rise in debt, capping potential new borrowing below $2 billion through pre‑arranged credit lines, and outlined a plan to retain 60% and place 40% with Mexican investors and Afores.
• Shares of Grupo México sank 15.4% in one session, wiping roughly MXN 190–193 billion (about $10.3 billion) from its market value and pulling the BMV’s main index down 2.55%.
• Citi reiterated that the Chico Pardo transaction with a subsequent IPO remains its favored route as analysts question the strategic fit and regulatory certainty for a mining conglomerate buying a major bank.