BOGOTA, (Reuters) – Jaime Gilinski is a Colombian business magnate who has opened a public purchase offer for shares of Grupo Argos. Grupo Argos is the third company Gilinski was interested in, according to the financial regulator.

Gilinski – the man who has shaken up Colombia’s biggest conglomerate Grupo Empresarial Antioqueno, (GEA) by launching a series if offers for shares of member companies – seeks between 26% to 32.5% in Argos.

In a late Thursday statement, the regulator stated that each share must be purchased at $4.08.

The formal acquisition offer will publish on the day that trading in Argos shares is suspended.

According to Reuters calculations, it could fetch between $697.6 and $872 millions.

Gilinski is one of Colombia’s most powerful men, and he owns bank GNB Sudameris. He has now become Grupo SURA’s biggest shareholder by three public offerings, having accumulated 34.58% and beating Argos as the previous largest shareholder.

He also opened three shares for Nutresa’s food producer Nutresa. His offers have secured him 30.8%. He now holds the second share of the company after SURA.

The GEA Companies, which have a large share in one another’s businesses, always refuse to take part in public auctions because Gilinski offers too low values.