Grupo Nutresa chocolate brand Mont Blanc

Colombian media report billionaire Jamie Gilinski is still pursuing a controlling interest in Grupo Nutresa having acquired a minority interest in the country’s largest food firm.

The El Heraldo and El Colombino newspapers say Gilinski has launched a new bid to grab a further 18.3% to 22.8% of the snacks to pasta maker through his Nugil investment vehicle, in which Abu Dhabi Royal Group in the UAE is also a party.

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Gilinski is said to have already acquired 27.6% of Medellin-based Nutresa, as acknowledged by the Colombia Securities Exchange, the publications reported.

The billionaire has been chasing a majority interest in Nutresa since November through Nugil, reportedly to the tune of 50.1% to 62.6%.

In December, holding company Grupo Sura and Grupo Argos rejected an approach by Gilinski to purchase their combined minority stake, claiming the offer undervalued the shares in Nutresa, Bloomberg reported at the time.

Sura owns 35.7% of the Colombian food firm, while Grupo Argos, a cement and energy business, holds 10%. Sura also owns 35.5% of Argos.

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In 2020, Nutresa generated sales of COP11.1trn (US$2.84bn), up 11.7% on a year earlier. Sales within Colombia rose 7.9% to COP6.7trn. Operating profit increased 6.6% to COP1trn. Net profit grew 14.3% to COP575.4m.

In the first nine months of 2021, Grupo Nutresa saw its sales also rise 11.7%, hitting COP9.1trn. In Colombia, sales were up 14.5% at COP5.5trn, representing almost 61% of the company’s sales. Operating profit increased 9.5% to COP867.1bn. Net profit was 14% higher at COP535bn.

Just Food has approached Nutresa for comment.