Mining Magnate’s Bid for Citi’s Banamex Faces Uphill Battle (1)

Mexican billionaire German Larrea is offering to buy full control of Citigroup Inc.’s Banamex at a slightly higher valuation than his rival had proposed for just a minority stake. It’s still a long shot.

Larrea, one of the world’s biggest copper miners, revived his bid for Grupo Financiero Banamex late on Friday, after an initial effort to buy the retail-banking operation from Citigroup Inc. fell apart in 2023. Larrea’s offer — made through his Grupo Mexico SAB conglomerate — values Banamex just above the roughly $9 billion level implied by a bid from Fernando Chico Pardo, the Mexican ...