Grupo Mexico News
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Southern Copper Corp., the largest producer of the metal in Peru and Mexico, said first-quarter profit fell for a fourth quarter on declining copper and silver prices, matching analysts’ estimates.
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Grupo Mexico SAB may hold initial public offerings for all three of its divisions, with two coming as soon as this year, Chief Financial Officer Daniel Muniz said.
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Mexico’s benchmark IPC stock index fell to the lowest in three months as the country’s biggest mining company followed copper prices lower.
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Emerging stocks fell a seventh day, capping the longest slump since November, as Cyprus lawmakers rejected a tax on bank deposits needed to win a financial bailout. Mexican stocks sank to a three-month low.
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Grupo Mexico SAB, the nation’s largest mining company, dropped plans to merge its Asarco LLC and Southern Copper Corp. businesses into a single unit within its mining business after some shareholders challenged the plan.
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For investors in Grupo Mexico SAB , the Latin American nation’s largest mining company, a railroad business generating almost $1 billion a year of sales, mine assets and an oil-drilling company are included for free.
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Grupo Mexico SAB , the Mexican miner that’s also the country’s largest railway operator, plans to sell shares of its transportation unit in an initial public offering once the company can merge its two railroad companies.
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Grupo Aeroportuario del Pacifico SAB gained the most in nine months in Mexico trading after Grupo Mexico SAB , the country’s largest mining company, said it will try to take control of the airport operator.
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Bloomberg Markets’ inaugural list of the world’s richest people showcases the billionaires who pull the levers on the global economy. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.
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Grupo Mexico SAB , the country’s largest mining company, said third-quarter profit rose 58 percent because of higher copper prices.
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