Billionaire Gilinski raises bid for Colombian retailer

Gilinski offered US$586.5mil (RM2.71bil) in cash for a 51% stake in the retailer.

BOGOTA: Billionaire banker Jaime Gilinski ramped up his bid to take control of Colombian grocery store chain Almacenes Exito, according to a draft letter seen by Bloomberg and later confirmed in a regulatory filing.

Gilinski on Tuesday sent the letter to Exito’s largest shareholder, Cia Brasileira de Distribuiçao, offering US$586.5mil (RM2.71bil) in cash for a 51% stake in the retailer.