Grupo Mexico SAB, billionaire German Larrea’s holding company, is delaying a planned initial public offering in London of its mining unit, according to three people with direct knowledge of the decision.
Mexico’s proposed tax bill would reduce the burden on Petroleos Mexicanos to provide the world’s fifth-largest crude producer more flexibility as output declines, while increasing mining royalties to improve government revenues.
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.
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.
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.
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.
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.