Mexicos Alfa buys Bancomers Onexa stake for $51 mln
Mexican conglomerate Alfa SA (ALFA.MX) said Monday it bought the 49% of its telecommunications unit Onexa that was owned by financial group BBVA-Bancomer for $51 million.
Onexa is a joint-venture partner with AT&T Corp. (T) in telephone company Alestra. Onexa holds 51% of Alestra and AT&T owns 49%. BBVA-Bancomer is the Mexican unit of Spanish banking giant Banco Bilbao Vizcaya Argentaria (BBV).
Alfa said that increasing its stake in Onexa to 100% will give the company more flexibility in taking strategic decisions with its telecommunications investment.
Alestra, with annual sales of $400 million generating earnings before interest, taxes, depreciation and amortization, or Ebitda, of $100 million, has focused more on value-added services such as Internet and data transmission, Alfa said.
More : marketwatch.com
Alfa Cultural Center (Centro Cultural (Planetario) Alfa) : Monterrey
Known for its Planetarium, Alfa's cultural center encompasses a museum of science, art and technology. The planetarium is equipped with a state of the art Omnimax system with an 85% surround capability on its 24 square meter screen. The museum itself is made up of five levels which hold permanent exhibits with different themes, including the company's history and mexican prehistoric art. It is one of Monterrey's most powerful industrial conglomerates, Grupo Alfa, is architect and sponsor of the Centro Cultural Alfa. The center is open to the public and sponsors
Centro Cultural Alfa: Monterrey
Vinci sells stake in Mexico's SETA airport operator for nearly 38 mln usd
Vinci said it has sold its holding in Mexican airport operator SETA to Mexico's ICA for just under 38 mln usd, completing the French company's withdrawal from the country's airport sector.
SETA operated 13 airports in North and central Mexico, including Monterrey airport.
In April 2004, Vinci sold the indirect holding it had in the airports of southern Mexico for around 30 mln usd.
Soure: forbes.com
Shell Swaps Stake in Gulf of Mexico Field
THE HAGUE, Netherlands (AP) - Royal Dutch Shell PLC said Thursday it will swap its 17 percent stake in the Gulf of Mexico's Tahiti field for Total SA's interests in natural gas assets in South Texas.
The Tahiti field, nearly 190 miles southwest of New Orleans, is operated by Chevron Corp. Total said first production is planned for mid-2008 from a floating production facility with daily capacity of 125,000 barrels of oil and 70 million cubic feet of natural gas.
Source: news.moneycentral.msn.com
Mexico's GCC buys concrete companies in Minnesota, South Dakota
Mexican cement company Grupo Cementos de Chihuahua SA said Thursday it bought four ready-mix concrete companies in the northern United States.
In a press release, Chihuahua-based GCC said the companies - Consolidated Ready Mix Inc., Henrich and Sons Inc., Huron Steel Structures Inc. and B&B Concrete Inc. - have annual sales of about $30 million.
GCC didn't say how much it paid for the acquisition, which includes 14 concrete plants in eastern South Dakota and western Minnesota, and 100 concrete mixer trucks.
GCC said the acquisition will strengthen its leading position in South Dakota
Mexico Buys $2.88 Billion of Central Bank Reserves (Update3)
Mexico's government bought $2.88 billion of central bank international reserves that it will use to help meet payments on all foreign debt coming due in 2006 and 2007.
The funds, which the government acquired by selling pesos to the Banco de Mexico, combined with $1.89 billion the government has available from earlier foreign bond sales will cover the $4.77 billion of foreign debt maturing in the next two years, the Finance Ministry said in a statement. Finance Minister Francisco Gil Diaz said that the dollar purchase will allow Mexico's government to stay
Ford probes work conditions at parts suppliers in China, Mexico - report
US automaker Ford Motor Co has been investigating companies it buys parts from in China and Mexico to ensure there are no sweatshop-like conditions at a vendor, the Wall Street Journal reported.
Over the last two years Ford has done assessments of working conditions at about 160 supplier plants, mostly in China, to make sure companies are following what Ford deems are international standards in areas such as child labor laws, prohibition on forced labor, health and safety rules and wages and benefits, the report said.
Ford's program
Mexico's Ixe Selling 49 Percent of Fincasa
Mexican financial services company Ixe Grupo Financiero SA said Friday it reached agreement to sell a 49 percent stake in mortgage company Fincasa Hipotecaria to Deutsche Bank AG.
In a filing with the Mexican Stock Exchange, Ixe said the agreement is subject to regulatory approval.
Soure: news.moneycentral.msn.com
Mexicos economy grew over 5 pct in first quarter
Mexicos economy grew more than 5 percent in the first quarter on a sharp rise in industrial output, the Finance Ministry said on Tuesday.
Its forecast was in line with a central bank estimate last week of 5.2 percent growth in the first three months of the year.
The Finance Ministry also said Mexicos fiscal surplus stood at 51.553 billion pesos in the first quarter, boosted by oil exports, tax collection and the sale of government assets, including its majority stake in airport operator GAP (GAPB.MX: Quote, Profile, Research) (PAC.N: Quote, Profile, Research).
Mexico, Latin
Royal Gold buys royalties in Nevada, Mexico
Mineral royalty company Royal Gold Inc. said Thursday it will buy two royalties on mining operations in Nevada and Mexico from Kennecott Minerals Co. for $25 million.
Royal Gold (NASDAQ: RGLD) is based in Denver. Kennecott is based in Salt Lake City.
Royal Gold doesn't operate mines itself, but provides money for projects in return for royalties -- or percentage-based payments -- on the value of the minerals produces.
Royal Gold said it bought a 3 percent net smelter return on the Robinson gold, copper and molybdenum mine in eastern Nevada. The mine is operated
