Banking & Finance UAE’s IHC makes $2.8bn offer for stake in Colombian food producer By Pramod Kumar October 21, 2022 REUTERS/Luis Jaime Acosta An offer for Nutresa shares by International Holding Company was declared void after it failed to receive the minimum number of shares Abu Dhabi-based International Holding Company (IHC) has received authorisation from the Colombian Superintendency of Finance for its subsidiary, IHC Capital Holding, to launch a tender offer of nearly AED10.2 billion ($2.8 billion) for Colombian food processor Grupo Nutresa. The move comes as part of IHC’s long-term investment and development plan in South America, selecting Colombia for the site of its new base in the Latin continent. IHC Capital has launched a tender offer to acquire between 25 percent and 31.25 percent of the shareholding in Grupo Nutresa, the company said in a statement. Grupo Gilinski, supported by Royal Group, whose chairman is Sheikh Tahnoun bin Zayed Al Nahyan, took control of 31 percent of Nutresa in two takeover bids last year. A third bid was declared void by the Colombian Stock Exchange in May this year. The Abu Dhabi-based conglomerate announced a capital investment of $200 million in Lulo Colombia, the holding company of Colombia’s first regulated digital bank, Lulo Bank, earlier this month. Moreover, IHC recently said it expects to increase its takeover activity, including in India and Turkey, as global market turbulence has created “a buyers’ market”. The Colombian market is the fourth global market where IHC has expanded its investment activities this year after the United Kingdom, India, and Turkey. Comprising more than 372 entities and 52,345 employees, IHC straddles sectors from healthcare to real estate to IT and utilities and has made more than 70 acquisitions this year alone.