Rail holding conflict spurs Grupo Mexico to sell TMM stake (6/18/2001)
6/18/2022Grupo Mexico S.A. de C.V. June 15 announced plans to sell its Transportación Maritima Mexicana S.A. de C.V. stake on the Mexican stock exchange.
Grupo Mexico decided to sell the stake as soon as possible because TMM is becoming more involved in railroading, which represents a conflict of interest since Grupo Mexico owns Ferrocarril Mexicano S.A. de C.V., company officials said in a prepared statement. Officials declined to release the size of the company’s TMM investment.
Grupo Mexico — the country’s largest mining company and the world’s third-largest copper producer — plans to substitute its TMM stake with "more attractive" investments in other companies, officials said.
TMM and Kansas City Southern Industries June 13 announed plans to purchase Mexico’s remaining 24.6 percent ownership of Transportación Ferroviaria Mexicana S.A. de C.V. in the third quarter. (TMM and KCS formed TFM in 1996 to assume control of Mexico’s Northeast Railway.)
Source: Progressive Railroading Daily News