Grupo Petrotemex, S.A. de C.V. made an offer to acquire 25% stake in Enka de Colombia S.A. (BVC:ENKA) for COP 30.9 billion early in November 2020. Grupo Petrotemex would be willing to buy minimum 1.766 billion shares and is looking to acquire 2.943 billion shares of Enka de Colombia. Petrotemex SA will acquire stake of between 15% and 25% in Enka de Colombia S.A. The transaction is subject to Superfinanciera approval. Baker Mckenzie LLP acted as legal advisor to Grupo Petrotemex S.A. de C.V.

Grupo Petrotemex, S.A. de C.V. cancelled an offer to acquire 25% stake in Enka de Colombia S.A. (BVC:ENKA) on December 18, 2020. This is due to the fact that Mexico-based Grupo Petrotemex did not receive the minimum amount of shares that it was willing to buy. The firm had offered to buy a minimum of 1.77 billion shares and a maximum of 2.94 billion shares at a price of COP 10.50 per share. However, 34 shareholders agreed to sell 147.06 million shares which was equivalent to 5% of the maximum that Grupo Petrotemex was prepared to buy.