Mexico’s Imsa to spin off units, list new company
Mexican conglomerate Imsa plans to spin off its plastics and aluminum units and list them in a new holding company on the local bourse, a restructuring that separates out its steel business.
Imsa said its plastics and aluminum subsidiaries, which make products like frames and ladders for the construction industry, will form a new company called G2, according to a prospectus published on Friday.
Shares of Imsa (IMSAUBC.MX: Quote, Profile, Research), which also processes steel for the auto and construction industries, soared on the split news. Shareholders of Imsa will receive one share of G2 for every share held in the conglomerate.
Analysts said the restructuring, which will be put to shareholders at a Dec. 16 meeting, will split the conglomerate into two companies that are easier to identify and gauge.
Imsa stock has been misperceived in the market because it is seen as a cyclical steel company even though it only processes steel and is not a steel maker.
More: today.reuters.com
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
Mexicos August auto production up 19.5% to 179,527 units
Mexico auto production and exports continued to grow at a solid pace in August, while domestic sales were little changed from the year-ago month, the Mexican Auto Industry Association, or AMIA, said Monday.
AMIA said production last month rose 19.5% from August 2005 to 179,527 units. Exports jumped 38.2% to 136,114 units, and domestic sales edged up 0.3% to 90,936 units.
The recovery in the Mexican auto industry, the countrys biggest single manufacturing sector, contributed significantly to the 5.4% year-on-year increase in manufacturing in the first half of the year.
Source : marketwatch.com
UPDATE: Mexico 2005 Auto Production Up 6.6% To 1.6 Million Units
MEXICO CITY -(Dow Jones)- Mexico's auto production rose 6.6% last year to 1.6 million units, reversing four years of declines in a key manufacturing sector, the Auto Industry Association said Tuesday.
AMIA, as the trade group is known, said exports last year rose 8.4% to 1.2 million units, and domestic sales - which include imported cars - rose 3.3% to 1.1 million units.
The auto industry represents the largest single manufacturing sector in Mexico, and weakness in the industry has proved a drag on growth in industrial production in recent
Mexico Should Sell Pemex's Refinery, Chemical Units, Slim Says
Mexico, the world's No. 6 oil producer, should sell stakes in the petrochemicals and refinery units of state-owned Petroleos Mexicanos to private investors to help free up funds and increase output, billionaire Carlos Slim said.
Pemex, Mexico's only oil company, will need to remain in government hands because of its importance to the economy, Slim, the country's richest man and the world's fourth wealthiest, said in an interview in New York. The Mexican government should insulate Pemex from politics by appointing professional managers and independent board members, Slim said.
``Pemex is the
Mexico detains Egyptian on U.S. 'watch list'
Mexican police have detained an Egyptian man who appears on the U.S. "flight restriction" list as he and a compatriot tried to board an airplane in the Caribbean beach resort of Cancun, police said today.
Mohamed Moustafa Abdel Aziz Shahim, 26, was headed for Mexico City accompanied by Ali Ozman Adham, 36, when police picked them up on Saturday.
Shahim's name appeared on a list of people under watch by the United States, police said. They were handed over to migration authorities where they remain under detention.
"The migration authorities will now decide if they deport
Mexico's auto output rose in August, exports declined
Mexico's auto industry posted a mixed performance in August, as production rose after two months of declines but exports continued to fall.
Mexican auto industry association AMIA said Wednesday that car makers in the country produced 150,189 units last month, up 7.2% from the same month of 2004. Exports, though, slipped 10.5% on the year to 98,512 vehicles, posting their third straight month of declines.
"Total production and exports continue to show some ups-and-downs, but we still expect a recovery in what remains of the second half (of the year)," the association said.
Domestic
Lázaro Bruzón Wins International Chess Event in Mexico
Lázaro Bruzón won the annual Carlos Torre Repetto International Chess Tournament that concludes Thursday in the Mexican city of Mérida.
Bruzón, the Cuban national champion and the best-ranked Latin American player with an ELO rating of 2677 units that places him 26th in the world list of the International Chess Federation (FIDE), beat Polish GM Michal Krasenkow (2655).
Playing by the Wimbledom system, Bruzón and Krasenkow tied in the two classical games and in the two rapid games of 10 minutes. Bruzon’s success came in the first of the five-minute tie-break games, in 64
Lázaro Bruzón Wins International Chess Event in Mexico
Lázaro Bruzón won the annual Carlos Torre Repetto International Chess Tournament that concludes Thursday in the Mexican city of Mérida.
Bruzón, the Cuban national champion and the best-ranked Latin American player with an ELO rating of 2677 units that places him 26th in the world list of the International Chess Federation (FIDE), beat Polish GM Michal Krasenkow (2655).
Playing by the Wimbledom system, Bruzón and Krasenkow tied in the two classical games and in the two rapid games of 10 minutes. Bruzon’s success came in the first of the five-minute tie-break games, in
Mexicos Cablemas Postpones IPO Amid Tumble in Global Markets
Cablemas SA, Mexicos second-biggest cable company, postponed an initial public offering as a plunge in global stock markets eroded demand for the shares, a banker involved in the transaction said.
The company and shareholders decided not to take the company public at this time, said Pablo Pena, head of investment banking at Vector Casa de Bolsa SA, one of nine banks managing the transaction. He said Cablemas intended to raise as much as $247 million in the sale.
Mexicos benchmark Bolsa stock index has fallen 6.8 percent in the past seven
MEXICO CITY (AP) -- Mexico's government congratulated U.S. authorities on Friday for action against Mexican companies and individuals alleged to be involved in laundering illegal drug profits.
President Vicente Fox's spokesman, Ruben Aguilar, told a news conference the U.S. declaration was based on investigations within the United States -- implying it did not violate Mexican sovereignty.
The U.S. Treasury Department on Thursday added 30 companies and individuals to a list of alleged drug trafficking organizations. It allows U.S. authorities to seize their U.S. assets and blocks any U.S. citizen and resident from dealing with them.
"The government of Mexico congratulates the U.S. government
