Sentido Comun – Supermarket chains Soriana and Comercial Mexicana were punished by investors after they announced a transaction under which the former will sell 160 stores, along with other assets to the second.
Mexican supermarket chain Comercial Mexicana has agreed to sell most of its stores to its rival Soriana for 39.19 billion pesos ($2.66 billion), the two companies said on Wednesday.
Comercial Mexicana, known locally as Comerci, said the sale of 160 stores, including the low-price Mega and Bodega Comercial Mexicana formats, will allow it to focus on its other brands where it sees greater growth opportunities.
Comerci, which first said it was exploring a sale in January 2014, will be left with just 40 stores. It will keep its upmarket, higher-margin retail formats such as City Market, and some other assets that contribute around 22 percent of its revenue.
It will spin off those assets into a new company, allowing Soriana to make an offer to buy the rest of Comerci, subject to competition and stock exchange approvals.
CNNExpansión – Soriana announced the purchase of 160 Comercial Mexicana stores for 39.193 billion pesos, which will strengthen its position as the second largest supermarket chain in Mexico chain.
Reuters – Mexican construction Vesta is holding a global equity offering today, Thursday, expecting to gain about $227 million. The resources will be used to boost growth.
Dario – The US mobile phone company TracFone, owned by Mexico’s America Movil, agreed to refund $40 million to customers who bought prepaid data plans advertised as unlimited but had ceilings.
Reuters – Mexico’s federal transparency body said it had initiated proceedings to impose sanctions on the Mexican unit of Google Inc for possible breach of the country’s data protection law.
Sentido Comun – Petroleos Mexicanos announced that it has begun implementing a new system for recording and pre-assessing suppliers and contractors to build a reliable supply chain and allow better combat fraud irregularities and practices.
The announcement was made by the company just a couple of days after the Reuters news agency disseminated an extensive investigation that showed various irregularities in the structure of procurement and contracting of the Mexican state oil company.
Sentido Comun – United Airlines opened new headquarters in Mexico City at Avenida Paseo de la Reforma 250, 18th floor. An office for ticket sales will be on the ground floor.
Courier Mail – Uber plans to create up to 20,000 new jobs and serve another two cities in Mexico. It currently operates in Mexico City, Tijuana, Guadalajara and Monterrey.
Sentido Comun – Airport Group of Mexico City, the state company that currently manages the Mexico City airport, won the contract to take charge of the new terminal that is due to be built on land near the existing airport.
Informador – Following the acquisition of Iusacell and Nextel, AT&T will become the second largest telephone in terms of revenue in the Mexican market.
By Scott Moritz and Patricia Laya / Bloomberg
AT&T Inc., the second-largest U.S. mobile-phone carrier, agreed to buy NII Holdings’ Mexican wireless assets for $1.875 billion in its third deal to expand south of the U.S. border.
The acquisition includes companies that operate under the name Nextel Mexico, spectrum licenses, network assets, retail stores and about 3 million customers, Dallas-based AT&T said in a statement.
The purchase price doesn’t include an unspecified amount of debt from NII, which filed for bankruptcy in September.
Nextel Mexico’s high-paying monthly subscribers will help AT&T accelerate a plan to offer its first cross-border service in the U.S. and Mexico.
AT&T’s pending takeover of DirecTV, which has operations in Mexico, marked the company’s first push outside the U.S. in more than a decade as growth slows at home. The company has since added to that expansion with the $2.5 billion acquisition of Grupo Iusacell, which closed earlier this month.
Reuters – Grupo Financiero Banorte said its fourth-quarter profit climbed 5.4 percent from the year-earlier period. The bank reported a fourth-quarter profit of 3.819 billion pesos ($259 million).
Sentido Comun – Kimberly-Clark de Mexico said sales rose 5.2 percent in the fourth quarter, although its earnings decreased 7.7 percent because of the depreciation of the peso.
El Economista – Homebuilders Urbi and Homex have taken further steps to strengthen and regain some projects. A Mexicali court approved Urbi’s bankruptcy, and Homex gained a $34.2 million credit line.
Sentido Comun – BBVA Bancomer, the country’s largest bank, launched a new service called Bancomer SMS, which allows its customers to make transactions through messages sent from cell phones.
Plumas Libres – The emerging company Plastinova has developed a way to recycle tequila agave. The product is similar to wood tabloids but has greater resistance and can be used as formwork in the construction industry or in the manufacture of benches, tables or chairs.
Reuters – Mexican billionaire Carlos Slim has slightly increased his personal stake in America Movil , the massive telecommunications company he controls, filings from the U.S. Securities and Exchange Commission showed.
Sentido Comun – Rotoplas Group, a company that offers solutions for managing water and had its debut on the Mexican Stock Exchange in December and in foreign markets last year, said it plans to build six or seven plants in the U.S. over the next two years.
Sentido Comun – Corporacion Geo, a leading homebuilder that was on the verge of bankruptcy in 2013, has signed with Capital I Reserve a credit line of up to 315 million pesos ($21.5 million) as part of its strategy for continuing operations.