NEW YORK and MEXICO CITY - Citigroup Inc. announced Monday it had completed its acquisition of Grupo Financiero Banamex-Accival, or Banacci, by buying the shares in the Mexican banking company on the Mexican Stock Exchange Friday.
Citicorp, a subsidiary of the New York company, paid $12.48 billion in cash and Citigroup stock, valued at $49.26 per share, for Banacci, Mexico's second-largest banking company. About 4.7 billion Banacci ordinary shares, or 99.86% of its outstanding stock, were tendered.
The offer to buy all of Banacci's outstanding shares expired Thursday at midnight.
The share purchase was the final step for the acquisition, announced in May. The Federal Reserve Board approved Citigroup's application on July 17.