Business Services Industry
Citigroup-Banacci Transaction Seen Driving Up Mexican Peso.
Internet Securities, June, 2001
MEXICO CITY, Jun 4, 2001
U.S.-based financial services giant Citigroup (NYSE:C) warned that the transaction in which it acquires Mexico's Grupo Financiero Banamex Accival (BMV:NYSE) for 12.5 billion dollars in cash and stock could drive up the value of the Mexican peso against the dollar, Mexico City daily Reforma reported. In a prospectus regarding the planned acquisition, submitted to the U.S. Securities and Exchange Commission (SEC), Citigroup said a cash price of 1.3272 dollars - denominated in dollars - (plus 0.0269 Citigroup shares) per Banacci share had been agreed. The total price is evenly split between cash and stock, at 6.25 billion dollars each. In the prospectus, Citigroup said Banacci shareholders who want the proceeds of the sale in pesos will...
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