GMAC-RFC Mexico and Founding Shareholders of Credito Inmobiliario Purchase Majority Ownership Interest in Credito Inmobiliario
GMAC-RFC Auritec, S.A (GMAC-RFC Mexico), a leading residential real estate finance company in Mexico, along with the original shareholders of Credito Inmobiliario (led by shareholder Mr. Gerardo Sierra), have purchased a majority ownership interest (approximately 55 percent) in Credito Inmobiliario (CI). GMAC will hold 38.5 percent of CI and Mr. Sierra and his partners will hold 61.5 percent. The selling shareholders were Equity International Properties (EIP), ZN Mexico Funds (ZN), and Grupo Chartwell, S. de R.L. de C.V.
CI is a leading Mexican mortgage non-bank or “Sociedades Financieras de Objeto Limitado” (SOFOLES). Credito Inmobiliario was founded in 1994 by Gerardo Sierra Basurto and a diversified group of shareholders. CI was one of Mexico’s first mortgage SOFOLES and has extensive experience in the sector. As of September 2005, CI was the fourth largest mortgage SOFOLES with a market share of more than 9 percent in terms of assets and with nationwide operations.
“This new partnership will benefit CI with the experience of GMAC-RFC in underwriting and securitizing of mortgages. In addition, the partnership will diversify CI’s sources of funding,” says Gerardo Sierra, CEO of CI.
More: home.businesswire.com
Dana Corp. dissolves joint venture in Mexico
Dana Corp. announced plans to acquire full ownership of several operations based in Mexico, following the dissolution of its joint venture with DESC S.A. de C.V., known as Spicer S.A. de C.V.
Dana will assume 100 percent ownership of operations that make and assemble axles and driveshafts, as well as forging and foundry operations in which the company now holds an indirect 49-percent interest.
DESC, in turn, will assume full ownership of the transmission and aftermarket gasket operations in which it now holds a 51-percent interest.
The transactions are expected to close in the first quarter of
Mexicos Vitro shareholders approve capital hike
Vitro, Mexicos largest glass producer, said on Wednesday its shareholders approved a capital increase for 550 million pesos ($50 million) that will be used to pay down debt.
Vitro (VITROA.MX: Quote, Profile, Research) (VTO.N: Quote, Profile, Research) said it will offer almost 63 million new series A shares to existing shareholders at a price of 8.75 pesos.
Vitros shares dropped 5.6 percent on Wednesday to 12.14 pesos in light volume.
Source : 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 uses U.S. to avoid change
President Bush announced he will begin the long-awaited Congressional push of his immigration-reform proposal. This brought new hope in Mexico that at long last President Fox's 2000 campaign promise may still be kept before next year's presidential elections. His PAN party could well use the victory, as it is in desperate need of a major achievement in its effort to hold on to the presidency, which as of now looks dismal.
It has long been held by most countries that immigration policy must be based on what is best for the country, not for the immigrant.
Mexico's
The Mexico Equity and Income Fund, Inc. Announces Expiration of, and Subscription Price of the Rights Offering
The Mexico Equity and Income Fund, Inc. (NYSE:MXE) (the "Fund") announced today the successful completion of nontransferable rights offering (the "Offer") conducted by the Fund, which commenced on November 17, 2005, expired on December 28, 2005. The Offer entitled shareholders to subscribe for an aggregate of 1,855,128 shares of preferred stock of the Fund ("Shares"), of which, based on a preliminary count 1,429,268 Shares will be issued raising $25,683,946. The Fund has determined that it will not be necessary to issue additional Shares to
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
Mexico's Gruma planning capital increase
Mexican corn flour and tortilla maker Gruma will ask shareholders to vote next month on issuing new shares in an effort to bolster the liquidity of its stock, the company said on Monday.
Gruma (GRUMAB.MX: Quote, Profile, Research) (GMK.N: Quote, Profile, Research) plans to issue up to 30 million new shares in a public offer if shareholders approve the move at a Dec. 15 in the northern industrial city of Monterrey.
Shares in Gruma closed down 1.78 percent at 27.60 pesos, and the company's New York stock fell 1.34 percent to $10.34.
Finance Director Raul Pelaez told Reuters in
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
Merrill Lynch opens Grupo Mexico cover with "buy"
Merrill Lynch began coverage of Mexican copper giant Grupo Mexico with a "buy" rating on Tuesday, pointing to strong prices, a debt restructuring and improvements in returning cash to shareholders.
Merrill Lynch set its 12-month price target for Grupo Mexico at 26 pesos per share. They were trading on Tuesday morning at 18.57 pesos, up 1.31 percent in the session.
Grupo Mexico has leveraged record metals prices to tidy up its finances, reducing net debt from $2.5 billion in December 2004 to $1.4 at the end of June.
Grupo Mexico is the world's No. 3 copper
4 arrested in Mexico on child selling charges
Four people - including a U.S. citizen and a legal American permanent resident - have been arrested in this border city and charged with child selling after a couple offered $5,000 to a father in exchange for his 3-year-old son, police said Saturday.
Jose Luis Garcia told authorities he was walking with his son on Octava street in Tijuana on Friday when he was approached by a couple who said they wanted to purchase the youngster, who would then be sent to the United States by a couple who ran a child-selling
