BOGOTA (Reuters) – Shareholders in Grupo Argos and Grupo SURA, two of Colombia's largest conglomerates, on Monday gave their boards the green light to begin studying alternative corporate structures to break up the currently closely knit companies.
Argos and SURA are part of an alliance of companies informally known as Grupo Empresarial Antioqueño (GEA), made up of more than one hundred companies linked by complex share agreements and associations.
They include lender Bancolombia (NYSE:), cement maker Cementos Argos, energy company Celsia and pension fund Protección.
The firms' shareholders have voted their boards of directors to examine different possible structures without incurring a conflict of interest, according to a statement from Argos and a SURA source.
Argos currently owns a 45.8% stake in SURA, which in turn owns 45% of Argos.
Argos CEO Jorge Mario Velásquez told shareholders during a meeting in Medellín that the firm had hired corporate financial advisors to study possible alternatives.
“Today we do not have a strict schedule,” said Velásquez. “This will take some time for us to study the matter prudently and make a competent decision.”
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