Chile Matte Clan Seeks Expansion Through Bank Merger
The takeover strategy involves a cash and stock offer by Forestal O’Higgins, a Matte holding company, to acquire up to 20% of Grupo Security at 285 pesos per share. The remaining shares will be acquired by Bicecorp through a stock swap. The goal is to secure at least 62% of Grupo Security shares.
This move has already impacted Grupo Security’s market performance, with shares surging by 7.1% to 280 pesos in Santiago, marking the largest intraday rise since September 2022. The acquisition values Grupo Security at around $1.25 billion and Bicecorp at $1.88 billion.
Analysts Daniel Mora and Michael Martinez from Credicorp suggest that Security shareholders should accept the new Bicecorp shares, highlighting the potential benefits of a larger, synergized business. With a combined $37.4 billion in total assets, the merged entity would rank seventh among Chile’s largest banks.
The Matte family, comprising the Larrain Matte, Matte Capdevila, and Matte Izquierdo branches, already controls significant stakes in companies like pulp producer Empresas CMPC SA, power producer Colbun SA, and telecom giant Empresa Nacional de Telecomunicaciones SA. This expansion into banking indicates their ambition to diversify and consolidate their influence in Chile’s economic landscape.
