Larrea Bows Out After Citi Rejection in Banamex ‘Telenovela’

Mining magnate German Larrea’s conglomerate, Grupo Mexico SAB, said it accepts Citigroup Inc.’s decision to reject its $9.3 billion offer for the US bank’s Grupo Financiero Banamex business.

“Grupo Mexico respects Citi’s determination and wishes it success in the transaction it has opted for and in the fate it has chosen for Banamex,” the company said in a statement Friday, adding that it hopes the move “will result in stability and growth for the Mexican financial sector.”

Citi said on Thursday it would stick with its decision last month to sell a 25% stake to billionaire Fernando ...