By Natalia Rueda 
Global billionaire Jaime Gilinski’s attempt to purchase Almacenes Éxito, a leading Colombian retail chain owned by the Brazilian Distribuition Company (GPA), has been rejected by its owners. In a statement released by the Superfinanciera, Grupo Éxito noted that the board of directors unanimously agreed to reject the offer due to its price not reflecting “adequate parameters of financial reasonableness.”
GPA’s rejection of Gilinski’s offer comes as he seeks to capitalize on the multinational Casino’s plan to exit its operations in both Brazil and Colombia. Gilinski has yet to make an statement regarding the offer, but experts anticipate there could be an attempt to raise the initial offer of US$836 million.
Upon the release of the report, Éxito’s Stores shares depreciated 2.3% in the stock market, closing the day at $4,100, signaling a clear decline in investor confidence. While the deal may have been rejected, the timeline for the proposed separation of the businesses of GPA and Éxito moving forward still remains uncertain, as it is dependent on the declaration of effectiveness of the registration of Éxito’s Form 20-F by the Securities and Exchange Commission of the United States and the obtaining of the regulatory approvals by the Colombian authorities.
Only time will tell whether Jaime Gilinski will improve his offer and if the Grupo Éxito and Brazilian Distribution Company (GPA) can conclude a successful business deal.