Bayer Will Invest 100 Million Euros in Mexico Through 2008
Bayer AG, Germany’s second-biggest drugmaker, will invest about 100 million euros ($122 million) through 2008 to boost its health-care and plastics businesses in Mexico, where the company’s sales have doubled over the past 10 years.
Sales in Mexico are growing at almost twice the pace of Bayer’s revenue elsewhere in Latin America, the Leverkusen, Germany-based company said today in an e-mailed statement. Revenue in Mexico rose 44 percent during the first six months of the year to 285 million euros, it said.
“Mexico has assumed the role of growth driver for our Latin America business,'’ Chief Executive Werner Wenning said in the statement. Bayer has invested 180 million euros in Mexico over the past decade.
Bayer said it will make most of its money in Mexico from medicines this year. It also sells plastics and crop treatments there.
Source: bloomberg.com
Mexico stocks hit record close
Mexico's stock prices rallied Monday after a sluggish start to a third straight record-high close, continuing to benefit from lower domestic interest rates and a spate of positive U.S. economic readings.
The IPC index of 35 leading issues closed up 0.7%, or 120.07 points, to 17271.06. Volume was 124.3 million shares worth 2.25 billion pesos.
IPC heavyweight America Movil L shares rose 1.7% to 15.84 pesos, also a record, and fixed-line company elmex L shares (TMX: , , ) (GMK:, , ) added 1.4% to 12.33 pesos.
Copper mining and railroad company Grupo Mexico B shares
Mexicos Slim to invest $560 mln in Peru mobiles
Carlos Slim, the Mexican tycoon who controls leading Latin American cell phone company America Movil (AMXL.MX: Quote, Profile, Research) (AMX.N: Quote, Profile, Research), said on Monday he would invest about $560 million in Perus mobile phone sector in the next two years.
We are investing a great deal in the mobile phone network and we will continue investing, as I mentioned to the president, about $280 million per year in the next two years, Slim told reporters after meeting with Peruvian President Alan Garcia.
Penetration here is relatively low compared with other Latin American
Spain to build Latin America's largest tourism resort in Mexico
The Spanish tourism firm, Mall, will invest 450 million U.S. dollars in Mexico to build the largest resort in all of Latin America, the firm's President Julio Fernando Noval said in a statement on Friday.
Land has been reserved for the resort's construction along the coastline of the Mexican state of Campeche, and it is expected to begin operating at the start of 2008, Noval said.
This center will give Campeche an "important economic boost" and generate around 5,000 jobs in the construction phase and 2,500 jobs when it opens, Noval
Chevron Invests in New Deepwater Gulf of Mexico Project
Chevron Corporation (NYSE: CVX) today announced that it is proceeding with the development of the
Blind Faith Field in the deepwater Gulf of Mexico. The field will be developed using a semisubmersible production facility, with first production expected during the first half of 2008. Chevron is the operator and holds a 62.5 percent working interest.
Blind Faith is located in approximately 7,000 feet of water, about 160 miles southeast of New Orleans, on Mississippi Canyon blocks 695 and 696. The discovery well was drilled in June 2001 and encountered more than 200 feet of
UPDATE 1-Schering says to divest Mexico chemicals unit
German drugmaker Schering (SCHG.DE: Quote, Profile, Research) will divest its chemicals production unit at Orizaba in Mexico, part of its Focus cost-cutting drive, it said on Monday.
Schering has around 250 employees at the site and expects the divestment to be completed before 2008. In the meantime, chemical production at the site will continue, it said.
The Berlin-based company is also reviewing chemical production activities at another site, at Bergkamen in Germany.
It said the review was expected to result in a further restructuring and optimisation of production processes.
Schering shares were up 0.2 percent at
Mittal Steel may invest $235 mn in Mexico planthindustantimes.com
Mexico's Geo expands land-purchashing program
Mexican homebuilder Geo said it added $100 million for land purchases as part of a deal with PREI, a real estate business of Prudential Financial, that takes advantage of the housing boom in the country.
The original goal of both companies was to invest $180 million.
"Due to high demand demonstrated by investors towards such an attractive opportunity, Phase II (of the venture) will now consist of a total of $280 million that will be invested in the purchase of strategic plots and land," Geo said on Wednesday.
More: today.reuters.com
Mexico's Geo expands land-purchashing program
Mexican homebuilder Geo said it added $100 million for land purchases as part of a deal with PREI, a real estate business of Prudential Financial, that takes advantage of the housing boom in the country.
The original goal of both companies was to invest $180 million.
"Due to high demand demonstrated by investors towards such an attractive opportunity, Phase II (of the venture) will now consist of a total of $280 million that will be invested in the purchase of strategic plots and land," Geo said on Wednesday.
More: today.reuters.com
Mexico's America Movil Confirms Purchase Of Smartcom
Mexican wireless phone company America Movil SA (AMX) confirmed the acquisition of Chilean mobile company Smartcom from Spain's Endesa SA (ELE), but gave the purchase price as $472 million.
Earlier Wednesday, Endesa announced the deal in a regulatory filing, saying that it had received EUR414 million, or $505 million, for the sale of the unit.
America Movil spokesman Gonzalo Garcia said he didn't know why there was a discrepancy in the figures, but that the $472 million represented the enterprise value of the Chilean company, and that the transaction involved 100% of the
Mexico's TV Azteca to prepay 1.4 bln pesos of debt
Mexico's No. 2 broadcaster TV Azteca said on Friday that this month it will prepay 1.406 billion pesos ($131 million) of debt with local bank Banco Inbursa that is due to expire in 2008.
Azteca (TVAZTCACPO.MX: Quote, Profile, Research)(TZA.N: Quote, Profile, Research), owned by media and retail magnate Ricardo Salinas, said it was funding the debt prepayment with the proceeds of a bond issue in Mexico. ($1 = 10.694 pesos)
More: today.reuters.com
