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 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
Grupo Mexico, Acindar, CPFL, Grendene: 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
Grupo Mexico SA (GMEXICOB MM): Asarco LLC, the U.S. mining unit of Grupo Mexico SA, said it will hire hourly employees to replace union workers after talks failed to end a 10-week strike at copper mines and plants in Arizona and Texas. Grupo Mexico shares fell 34 centavos, or 1.8 percent, to 19.01 pesos.
Vitro SA (VITROA MM): Rising international natural gas prices
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
VW Mexico workers may strike Thursday for 12.5 pct pay hike
Volkswagen AG workers at its Puebla plant in Mexico may go on strike on Thursday to support demands for a 12.5 pct pay hike, Financial Times Deutschland reported, citing a trade union spokesman.
The spokesman said while VW has not made an offer yet it has rejected a 'spectacular salary adjustment'.
Workers at the plant last staged a three-day strike one year ago and pushed through a 4.5 pct wake increase.
The Puebla plant makes the New Beetle and Jetta and employs 12,000 workers.
More: forbes.com
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'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
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
Mexicos Carso seeks to delist Sanborns retail unit
Mexican conglomerate Grupo Carso said on Monday it would ask shareholders to make an offer to buy up to 100 percent of outstanding shares in retail unit Grupo Sanborns and delist the company from Mexicos stock market.
Carso (GCARSOA1.MX: Quote, Profile, Research), an industrial and retail conglomerate that belongs to the business empire of Latin Americas richest man, Carlos Slim, said it would offer to pay 26 pesos per share it does not currently own in Sanborns (GSANBORB1.MX: Quote, Profile, Research), for an estimated total cost of 4.1 billion pesos ($376 million).
Source : 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
Mexico May Double Stock Listings in Five Years, Zorrilla Says
Mexico's new securities law may help double the size of the stock market within five years by encouraging more companies to list shares, an official at the bourse said.
The law, approved by Congress last week, makes it easier for smaller companies to sell shares and lowers the costs of taking on venture capital partners. It also increases the rights of minority shareholders, said Pedro Zorrilla, chief operating officer of the Mexican stock exchange in Mexico City. The exchange expects as many as 260 listings in five years from about 130
