Citigroup Rejects Grupo Mexico’s Offer to Acquire Banamex (2)

Citigroup Inc. rejected an offer from mining magnate German Larrea’s conglomerate, Grupo Mexico SAB, to acquire its Grupo Financiero Banamex business.

“After careful consideration of the proposal, including but not limited to financial considerations and transaction certainty, we have advised Grupo Mexico that Citi rejects the offer,” the New York-based bank said in a statement Thursday.

Citi last month said it would sell a 25% stake to billionaire Fernando Chico Pardo as part of a plan to list the asset publicly. Then Grupo Mexico made a surprise offer late last week to acquire all of Banamex for around ...