Mexico Authorities Said to Receive Bid for 25% Banamex Stake

Mexican financial and antitrust authorities have received documents to request approval of an offer by billionaire Fernando Chico Pardo to acquire 25% of Citigroup Inc.’s Grupo Financiero Banamex, according to people familiar with the matter.

Citi announced the deal with Chico Pardo last month as part of its plans to eventually carry out a stock offering for Banamex. A finance ministry spokesperson didn’t immediately respond to a request for comment.

Late last week, magnate German Larrea’s conglomerate Grupo Mexico SAB made a surprise counteroffer to buy all of Banamex. Mexican authorities continued to support Chico Pardo’s bid, Bloomberg reported. ...