UPDATE 1-Mexico’s Cintra stock plunges on Iberia reports
Shares of Mexican airline holding firm Cintra (CINTRAA.MX: Quote, Profile, Research) plunged on Wednesday on a report that Spain’s Iberia had pulled out from a bidding process to buy one of its two airlines.
Cintra and Iberia could not be immediately reached for comment.
Cintra shares – which had risen 24 percent since May, when the company disclosed plans to privatize its two main assets – fell nearly 10 percent to 6.65 pesos in morning dealings.
Losses this week have sent its stock price 0.12 percent lower year-to-date.
Mexico’s El Financiero daily quoted Cintra’s president Andres Conesa as saying Iberia (IBLA.MC: Quote, Profile, Research) was out of the bidding process for Aeromexico and Mexicana airlines.
“It’s natural that the number of participants declines as the (sale) process and negotiations march on,” Conesa was quoted as saying.
Earlier this week Cintra said that five investment groups were interested in bidding for Mexicana and that four of them were also looking at Aeromexico.
The company angered investors last week when it said that new shares, equivalent to 5 percent of each airline, would be issued to pilots, a move that had not been counted on.
Cintra plans to sell the airlines by early 2006.
Source: today.reuters.com
Iberia Lineas Aereas de Espana SA said it has no comment regarding conflicting press reports on whether it has presented a bid in the privatisation of Mexico's two main airlines, Mexicana and Aeromexico.
An Iberia spokeswoman said: 'I can't say whether we've presented an offer or not', while noting that 'Iberia wants to defend its leadership in Latin America and is willing to invest.'
Yesterday, Mexican state holding company Cintra said 21 bids had been submitted, ten for Aeromexico and 11 for Mexicana, though binding offers are not due until November.
According to La Gaceta de los Negocios, Iberia
Cintra, Grupo Mexico, Renner, Petrobras: Latin Equity Preview
The following stocks may make significant gains or losses in Latin America today. Symbols are in parentheses after the company name and stock prices are from the last session.
Mexico
Cintra SA (CINTRAA MM): Shares of Mexico's Cintra SA, the state-owned airline holding company, have plunged 21.6 percent after it said Nov. 22 two groups submitted bids to buy Aeromexico and Mexicana, the country's two biggest airlines. The shares fell 8 centavos, or 1.6 percent, to 5.05 pesos.
Grupo Mexico (GMEXICOB MM): Copper prices rose in New York yesterday, resuming a yearlong
Mexico pushes on with airline sales, shares tumble
Mexico's state-owned airline holding company Cintra vowed on Wednesday to push ahead with the troubled privatization of its carriers despite weak interest and low bids that have sent its share price tumbling.
Cintra (CINTRAA.MX: Quote, Profile, Research) agreed late on Tuesday to sell its Mexicana airline group to Mexican hotel chain Grupo Posadas for $165.5 million, plus the assumption of $294 million in debt and leasing deals worth $997 million.
It rejected bids for Mexico's other main airline, Aeromexico, because they were too low, but executives insisted they would put Aeromexico back on the
UPDATE 1-Mexico's Geo 3rd-qtr net profit rises 32 pct
Geo, Mexico's No. 1 home builder, posted a 32 percent rise in third-quarter net profit from a sales surge during a nationwide housing boom.
Geo (GEOB.MX: Quote, Profile, Research) said on Wednesday net profit in the July-September period was 267 million pesos ($25 million) as revenues rose 24 percent.
Revenues at Geo jumped to 2.657 billion pesos as the company sold 9,624 houses in the period, up from 8,600 homes in the same quarter a year earlier.
Geo said its core earnings before interest, taxes, depreciation and amortization rose 31 percent to 641 million pesos.
"For
UPDATE 1-Forest Oil to spin off Gulf of Mexico operations
Forest Oil Corp. (FST.N: Quote, Profile, Research) on Monday said it would spin off to shareholders its offshore operations in the Gulf of Mexico and then combine them with independent oil and gas explorer Mariner Energy Inc.
Shareholders of U.S. natural gas producer Forest Oil will receive about 0.8 share of Mariner stock for each Forest Oil share they hold.
The spun-off entity will borrow from a third party and pay Forest $200 million, which the company plans to use to pay down debt.
Mariner, which said the deal would boost its scale in
UPDATE 1-Houston Exploration to sell Gulf of Mexico assets
Houston Exploration Co. (THX.N: Quote, Profile, Research) on Tuesday said it plans to sell its entire asset base in the Gulf of Mexico, which has historically accounted for about 40 percent of its total production.
The company said it would open a data room for the offshore assets in January and expects to complete a sale in the first quarter. Wachovia Securities is acting as financial adviser on the sale.
The company said it would use the proceeds to potentially acquire new onshore assets, reduce debt or buy back stock. Its year-end 2004 offshore
Mexico stocks slip after 5-day winning streak
Mexican stocks fell over 1 percent on Tuesday after a five-day winning streak in a sell-off led by cement maker Cemex and cellular phone giant America Movil as investors moved to the sidelines ahead of a U.S. Federal Reserve meeting later this week.
The IPC stock index < .MXX> lost 249 points to 21,416 points and the peso weakened 0.30 percent to 10.95 to the dollar.
Stock prices had taken heart in recent sessions from reports showing tame U.S. inflation, leading investors to bet the Federal Reserve will hold interest rates steady at its monetary
Petrobras, Vale, Grupo Mexico: Latin American Equity Preview
The following stocks may make significant gains or losses in Latin America today. Symbols are in parentheses after the company name and stock prices are from the last session.
Mexico
Grupo Mexico (GMEXICOB MM): Copper prices yesterday had the biggest two-day drop in eight weeks in New York after a report showed a decline in consumption in China, the world's biggest user of the metal. Shares of Mexico's largest copper producer fell 41 centavos, or 2 percent, to 19.82 pesos.
Cintra SA (CINTRAA MM): Mexico's state-owned company that controls the country's two
Mexico's Grupo Modelo plans beer price hike
Grupo Modelo, a Mexican brewery half owned by Anheuser-Busch Cos. Inc., plans to raise its beer prices in Mexico Jan. 1, according to published reports.
The increase will be in line with expected inflation, the Mexico City-based brewer reportedly said in a Dec. 23 filing with the Mexican Stock Exchange. Modelo also said the increase takes into account tax law changes favoring recycled containers.
Mexico's annual inflation rate fell to 2.9 percent at the end of November but is expected to climb to 3.5 percent by many fund managers, according to media reports.
Grupo Modelo
Mexico stocks rise as Bernanke mum on inflation
Mexican stocks gained 1.2 percent on Friday and the peso fell for a fourth straight day after a speech by U.S. Federal Reserve Chairman Ben Bernanke made no mention of inflation or monetary tightening pressures.
The benchmark IPC stock index < .MXX> closed up 243.49 points at 20,994.94, while the peso lost 0.47 percent to end at 10.9715 per dollar.
The stock market was down 0.25 percent on the week, but still up a robust 17.93 percent in the year-to-date.
More : today.reuters.com
