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Banorte shareholders approve merger with Interacciones

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Banorte shareholders approve merger with Interacciones

Shareholders of Grupo Financiero Banorte SAB de CV approved the company's planned acquisition of Grupo Financiero Interacciones SAB de CV.

The cash and stock deal is still subject to applicable regulatory approvals and the completion of due diligence, Banorte said in a Dec. 5 filing.

The transaction would involve Banorte acquiring Interacciones for about 13.71 billion Mexican pesos in cash and some 109.7 million Banorte shares.

The merged entity is expected to be the second-largest financial group in Mexico.

As of Dec. 4, US$1 was equivalent to 18.69 Mexican pesos.