In Colombia business tycoon Jaime Gilinski has launched a public acquisition offer for a sizeable stake in Grupo Argos.

Mr Gilinski is seeking a stake of 26-32.5 per cent of Argos, which is the third company on the business magnate’s radar. He is willing to pay around 18 per cent more on the Argos share price, reported Notices Financieras. “The purchase price for each share will be US$4.08,” the regulator told the stock exchange in a statement late on 19 May. According to Reuters, the offer could be worth between US$697.6m and US$872m.

Earlier, Mr Gilinski made three successful public offers for stakes in financial conglomerate Group SURA and with a total of 34.58 per cent of the company’s shares, and took over as the new top shareholder from Argos.