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Gustavo Petro, a former guerrilla who wants to transform Colombia’s business-friendly economic model, has been elected to the presidency, potentially setting up the most radical change of course in the Andean nation’s recent history.

Petro, a former mayor of Bogota, took 50.5% to 47.3% for construction magnate Rodolfo Hernandez in Sunday’s runoff with almost all votes counted, according to Colombia’s electoral authorities. Hernandez conceded in a video message.

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