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Citigroup Rejects Grupo Mexico's $9.3B Banamex Bid

10/10/2025

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Summary

Story summary

Citigroup rejected Grupo Mexico's $9.3 billion bid for Banamex's retail unit on October 9, 2025.
The decision supports Citigroup's divestment plan to sell 25% to Fernando Chico Pardo for $2.3 billion and pursue an IPO.
Grupo Mexico's unsolicited bid came after a two-year hiatus in negotiations.
Markets fell initially as Grupo Mexico's shares rose about 4.5%.

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Story summary

Citigroup rejected Grupo Mexico's $9.3 billion bid for Banamex's retail unit on October 9, 2025.
The decision supports Citigroup's divestment plan to sell 25% to Fernando Chico Pardo for $2.3 billion and pursue an IPO.
Grupo Mexico's unsolicited bid came after a two-year hiatus in negotiations.
Markets fell initially as Grupo Mexico's shares rose about 4.5%.