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☆ Mexico blames Grupo Mexico for 2014 toxic spill, wants new cleanup plan
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +2 min

Grupo Mexico failed to remediate the river's water and soil and did not provide the funds to carry out proper works for the environmental recovery of the area, according to Albores. The company needed to provide an initial 2 billion pesos ($111.86 million), of which it only provided half, she said. The possible fine for the spill was set at up to 40 million pesos, worth about $3 million then. Grupo Mexico did not immediately reply to a request for comment on the causes of the spill and the government complaint. Shares in Grupo Mexico were down 2.3% after Albores' comments on Thursday.

Persons: Maria Luisa Albores, Albores, Ana Isabel Martinez, Valentine Hilaire, Brendan O'Boyle, Marguerita Choy Organizations: Grupo, MEXICO CITY, Grupo Mexico, Thomson Locations: Grupo Mexico, Mexico City, Mexico, MEXICO, Mexico's, Sonora

☆ Mexico Govt Files Complaint Against Grupo Mexico Over 2014 Spill -Minister
▼ + stars: | 2023-10-12 | by ( Oct. | At P.M. | ) www.usnews.com time to read: 1 min

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Organizations: U.S . News, U.S News

☆ Mexico flags plan after Grupo Mexico's chemical spill efforts deemed insufficient
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +1 min

Mexican President Andres Manuel Lopez Obrador speaks during a news conference in which he panned U.S. military spending on Ukraine as "irrational" stepping up criticism of the war effort as he urged Washington to devote more resources to helping Latin American countries, at the National Palace in Mexico City, Mexico October 2,... Acquire Licensing Rights Read moreCompanies Grupo Mexico SAB de CV FollowMEXICO CITY, Oct 4 (Reuters) - Mexican President Andres Manuel Lopez Obrador said on Wednesday he hoped to have a proposal within 15 days regarding a 2014 chemical spill in the Sonora River by mining and transportation conglomerate Grupo Mexico (GMEXICOB.MX). Last week, Mexico's environmental authority said Grupo Mexico's remediation efforts were insufficient and that the river still showed the presence of contaminants nine years after what is considered the country's worst environmental disaster. Reporting by Ana Isabel Martinez; Editing by Sarah MorlandOur Standards: The Thomson Reuters Trust Principles.

Persons: Andres Manuel Lopez Obrador, Ana Isabel Martinez, Sarah Morland Organizations: Grupo Mexico SAB, Grupo Mexico, Thomson Locations: Ukraine, Washington, Mexico City, Mexico, Sonora

☆ Migrants aboard Mexico cargo trains stranded miles from U.S. border
▼ + stars: | 2023-09-30 | by ( ) www.reuters.com time to read: +3 min

[1/2] Migrants travelling by train to Ciudad Juarez in an attempt to reach the United States, wait near train wagons while being stranded near Villa Ahumada, in the state of Chihuahua, Mexico September 29, 2023. Sixty northbound cargo trains run by Mexico's Ferromex were stopped last week, after about half a dozen migrants suffered death or injury. Grupo Mexico, which owns Ferromex, could not immediately be reached about the sudden train stoppage with migrants aboard near Villa Ahumada. Meanwhile, further east, in the border city of Piedras Negras that sits opposite Eagle Pass, Texas, Venezuelan migrant Jose Julian said on Friday he had similarly been stranded while traveling aboard the cargo trains. For years, migrants trying to reach the United States have crisscrossed Mexico on cargo trains.

Persons: Jose Luis Gonzalez, VILLA, Sasha Pacheco, we're, Mexico's Ferromex, Villa Ahumada, Marlon Vera, who'd, Jose Julian, Daniel Becerril, Isabel Woodford, Kylie Madry, Valentine Hilaire, Michael Perry Organizations: REUTERS, Grupo Mexico, Reuters, Thomson Locations: Ciudad Juarez, United States, Villa Ahumada, Chihuahua, Mexico, PIEDRAS NEGRAS, U.S, Mexican, Piedras Negras, , Texas, Monterrey, Torreon, Rio, Villa, Mexico City

☆ Peru seeks mining investment revival with pledge to end 'chaos, disorder'
▼ + stars: | 2023-09-27 | by ( Marco Aquino | ) www.reuters.com time to read: +4 min

[1/2] Trucks remain stuck during a roadblock caused due to a demonstration by anti-government protestors demanding the resignation of Peru's President Dina Boluarte, in Condoroma in Cusco region, Peru February 4, 2023. REUTERS/Pilar Olivares/File Photo Acquire Licensing RightsSummaryCompanies Peru mining investment expected to drop 18% this yearMiners push to use contractorsGovernment aims to streamline environmental permittingLIMA, Sept 27 (Reuters) - Peru is looking to put the "chaos" of months-long protests earlier this year behind it to revitalize flagging mining investment in the world's no. As a mining conference in the southern Andean region of Arequipa got started this week, Prime Minister Alberto Otarola addressed concerns about political instability and protests that have led to an expected 18% drop in mining investment this year. The last major investment in Peru was Anglo American (AAL.L)'s $5 billion Quellaveco project, which came online last year and has helped buffer production figures. Reuters GraphicsReporting by Marco Aquino; Editing by Adam Jourdan and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Dina Boluarte, Pilar Olivares, Alberto Otarola, Otarola, Raúl Jacob, Pedro Castillo, Boluarte, Mines Oscar Vera, Victor Gobitz, Gobitz, Marco Aquino, Adam Jourdan, Sonali Paul Organizations: REUTERS, Companies, Miners, Reuters, Mining, Grupo Mexico's, Reuters Graphics, of Energy, Mines, BHP, Mitsubishi, Thomson Locations: Condoroma, Cusco region, Peru, Companies Peru, LIMA, Arequipa, American, Teck

☆ US asks Mexico for fresh workers' rights review at auto parts facility
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +2 min

U.S. Trade Representative Katherine Tai chairs the Indo-Pacific Economic Framework meeting in Detroit, Michigan, U.S. May 27, 2023. The latest review marks the U.S. Trade Representative office's 14th labor rights complaint against facilities in Mexico since the U.S.-Mexico-Canada Agreement (USMCA) on trade took effect in 2020, including nine this year. U.S. Trade Representative Katherine Tai said the request was intended to "address a serious violation of workers' rights" at the automotive parts factory, involving an employer possibly terminating workers for engaging in union activity. The Mexican government has ten days to review the U.S. request, and if it accepts, another 45 days to investigate the case. Mexico has recently denied two requests for probes into labor rights concerns, rejecting a U.S. call to review Grupo Yazaki's auto components factory in the state of Guanajuato and also a Grupo Mexico mine labor probe.

Persons: Katherine Tai, Rebecca Cook, Tai, Teklas, Brendan O'Boyle, Isabel Woodford, Sonali Paul Organizations: Trade, REUTERS, Automotive, U.S . Trade, office's, . Trade, Washington, Grupo, Thomson Locations: Detroit , Michigan, U.S, MEXICO, Mexico, Mexican, Aguascalientes, Canada, States, Turkey, Europe, North America, China, Guanajuato, Grupo Mexico

☆ Mexican officials push migrants away from border-bound cargo trains
▼ + stars: | 2023-09-23 | by ( Jose Cortes | ) www.reuters.com time to read: +2 min

Asylum seekers heading to the U.S. travel on a train after thousands of migrants crossed into the United States in recent days, in El Carmen, Mexico September 21, 2023. Thousands of people have reached the northern border in recent days and crossed into the United States, many after taking dangerous journeys on freight trains known as "The Beast." Mexican railroad operator Ferromex this week suspended 60 trains due to the influx of people, and Mexico's National Migration Institute (INM) has deployed agents to dissuade people from climbing aboard. "We want to take the train to get to the border and cross into the United States... Reporting by Jose Cortes in Huehuetoca; Writing by Daina Beth Solomon in Mexico City; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Daniel Becerril, Jason, Milagros Narvaez, It's, Jose Cortes, Daina Beth Solomon, William Mallard Organizations: REUTERS, Migration Institute, Grupo Mexico, Thomson Locations: United States, El Carmen, Mexico, Mexico City, Huehuetoca, Venezuelan, INM, Venezuela

☆ Mexican Officials Push Migrants Away From Border-Bound Cargo Trains
▼ + stars: | 2023-09-22 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +2 min

By Jose CortesHUEHUETOCA, Mexico (Reuters) - Several dozen migrants retreated in frustration from train tracks outside Mexico City on Friday, blocked by Mexican officials from hitching rides on cargo wagons in a major new enforcement effort to curb the flow of people headed north. Mexican railroad operator Ferromex this week suspended 60 trains due to the influx of people, and Mexico's National Migration Institute (INM) has deployed agents to dissuade people from climbing aboard. "They forced us away from the rail," said Jason, a Venezuelan migrant who asked to be identified only by his first name. Migrants carrying backpacks and jugs of water made their way through tall grass under the hot sun to retreat on foot to the nearest town. (Reporting by Jose Cortes in Huehuetoca; Writing by Daina Beth Solomon in Mexico City; Editing by William Mallard)

Persons: Jose Cortes HUEHUETOCA, Jason, Milagros Narvaez, It's, Jose Cortes, Daina Beth Solomon, William Mallard Organizations: Migration Institute, Grupo Locations: Mexico, Mexico City, United States, Huehuetoca, Venezuelan, INM, Grupo Mexico, Venezuela

☆ US seeks trade panel to resolve labor conflict at Mexican mine
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +3 min

The logo of mining and infrastructure firm Grupo Mexico is pictured at its headquarters in Mexico City, Mexico, August 8, 2017. In a statement, the Office of the U.S. Trade Representative (USTR) said it disagrees with the Mexican government's determination. "It is appropriate to request a panel to verify the facility's compliance with Mexican labor laws," the USTR said. Companies have closely watched U.S. labor complaints play out since the 2020 start of the USMCA, which replaced NAFTA. Reporting by Daina Beth Solomon in Mexico City and Paul Grant in Washington; Additional reporting by Brendan O'Boyle in Mexico City; Editing by Dan Whitcomb, Andy Sullivan & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Ginnette, Daina Beth Solomon, Paul Grant, Brendan O'Boyle, Dan Whitcomb, Andy Sullivan Organizations: Grupo, REUTERS, MEXICO CITY, U.S, Grupo Mexico's, U.S . Trade Representative, Companies, Miners, Grupo Mexico, Thomson Locations: Grupo Mexico, Mexico City, Mexico, WASHINGTON, MEXICO, Grupo Mexico's San Martin, United States, Canada, Mexican, San Martin, U.S, Washington

MEXICO CITY, July 13 (Reuters) - The Mexican government is no longer interested in purchasing Citigroup's (C.N) local retail arm, known as Banamex, a government spokesperson said on Thursday, adding that the U.S. bank "chose a different path" for its unit. Deputy Finance Minister Gabriel Yorio told Reuters at the time that Mexico could pursue a total or partial acquisition of the unit. Government spokesperson Jesus Ramirez did not immediately respond when asked which path the U.S. bank is taking. Before Citi's decision to list Banamex, banking sources said mining conglomerate Grupo Mexico (GMEXICOB.MX) had been eyeing the unit for around $7 billion. Reporting by Valentine Hilaire; Editing by Brendan O'Boyle and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Andres Manuel Lopez Obrador, Gabriel Yorio, Jesus Ramirez, Lopez Obrador, Valentine Hilaire, Brendan O'Boyle, Jamie Freed Organizations: MEXICO CITY, Citi, Reuters, Government, Grupo Mexico, German, Grupo, Spain's Banco Santander, Thomson Locations: MEXICO, U.S, Mexican, Mexico

☆ Mexico stocks are surging this year on reshoring bets, but big risks can knock down the rally
▼ + stars: | 2023-07-12 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

The Mexico nearshoring play is real, but investors should be aware of some pitfalls. Nearshoring — also called reshoring, onshoring, inshoring or backshoring — is helping drive Mexican stocks higher this year. For U.S. companies, there are compelling advantages to moving operations to Mexico from Asia, including geographical proximity, as well as low labor costs. "There is no nearshoring industrial revolution without electricity," according to a March note where Lippmann discusses Mexico's need to revamp its electricity infrastructure. According to Nace, the firm is the largest auto insurance company in Mexico, "similar to a Progressive in the United States.

Persons: —, Andrés Manuel López Obrador's, Meagan Nace, Nace, Morgan, Nikolaj Lippmann, Lippmann, Lippman, López Obrador, Tesla Organizations: U.S, Grupo, Artisan Partners, Companies, Partners, Semiconductor, New York Stock Exchange Locations: Mexico, Asia, Mexican, nearshoring, Baja California, United States, Monterrey, Nuevo Leon, U.S

☆ As companies bring more jobs to Mexico, US wants labor rights safeguards
▼ + stars: | 2023-07-03 | by ( Daina Beth Solomon | ) www.reuters.com time to read: +3 min

MEXICO CITY, July 3 (Reuters) - The U.S. wants Mexico's government to build strong institutions to protect worker rights as companies aiming to avoid supply chain disruptions in far-off production spots bring more jobs to the country, a top U.S. labor official told Reuters. Mexico has begun to benefit from "nearshoring" in which companies seek to move production closer to the U.S. market while maintaining competitive costs. "Hopefully that will ensure that Mexico doesn't become a dumping ground for companies looking for cheap labor and lax regulations," said Thea Lee, U.S. Deputy Undersecretary for International Labor Affairs who polices USMCA compliance. Mexico has made progress improving labor courts, resolving worker complaints faster and easing union organization, but needs to do more, Lee said. Since 2020, several U.S. labor complaints in Mexico have paved the way for independent unions to land pay raises and even expand.

Persons: Thea Lee, Lee, Cristina Ramirez, Ramirez, Daina Beth Solomon, David Gregorio Our Organizations: MEXICO CITY, Reuters, International Labor Affairs, Goodyear, Grupo Mexico, VU Manufacturing, La Liga, VU, Thomson Locations: MEXICO, U.S, Mexico, Canada, Piedras Negras

☆ Exclusive: Mexico mulls benefits of Banamex purchase, eyes synergies with state bank
▼ + stars: | 2023-05-31 | by ( Anthony Esposito | ) www.reuters.com time to read: +3 min

U.S. lender Citigroup scrapped its sale of the Banamex unit last week and said it will instead list it, a surprise move coming amid talks to sell the business to Mexican billionaire German Larrea's conglomerate Grupo Mexico (GMEXICOB.MX). "The Finance Minister has asked us to evaluate the different scenarios in which it might be beneficial for Mexico to acquire the bank," Deputy Finance Minister Gabriel Yorio told Reuters. After Citi announced its IPO plans, President Andres Manuel Lopez Obrador said the government could acquire up to half of Banamex. Before Citi's u-turn, banking sources said Grupo Mexico had been eyeing the unit for around $7 billion. "Banamex, in fact, has had a significant deterioration in its payment systems, precisely because it was in this sale process," he said.

Persons: Gabriel Yorio, Andres Manuel Lopez Obrador, Yorio, Lopez Obrador, Banamex, Anthony Esposito, Valentine Hilaire, Dave Graham, Mark Porter, Diane Craft Organizations: MEXICO CITY, Citigroup Inc's, Banco, U.S, Citigroup, Grupo Mexico, Finance, Reuters, United, Citi, Welfare Bank, Thomson Locations: MEXICO, Mexico, German, Kuwait, Saudi Arabia, Oman, Qatar, United Arab Emirates, expropriate

☆ Grupo Mexico says negotiations with government more difficult after railway expropriation
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +3 min

MEXICO CITY, May 21 (Reuters) - Grupo Mexico (GMEXICOB.MX) said on Sunday its negotiations with the government are facing difficulties after the Mexican Navy took over part of a railway in southern Mexico operated by a unit of the company last week. Grupo Mexico Transportes (GMXT.MX) said negotiations with authorities about the railway concession spanning from Coatzacoalcos to Medias Waters in the western Veracruz state would continue. The move sent shares in the mining and infrastructure company tumbling more than 4% after the expropriation on Friday. Last week Mexico's Supreme Court struck down a government order declaring key infrastructure projects as matters of national security. Reporting and writing by Sarah Kinosian in Mexico City; Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Calling the move "surprising", the transport unit Grupo Mexico Transportes (GMXT.MX) said the Navy had occupied its facilities at the Coatzacoalcos-Medias Aguas section at 6 a.m.(1200 GMT), and that it was weighing up its options. Grupo Mexico Transportes will keep providing services under supervision of the armed forces, it said. The section "expropriated" is about 1.1% of the 11,137 km run by Grupo Mexico's transport division, analysts at brokerage Vector said in a client note. Grupo Mexico, owned by tycoon German Larrea, has been closing in on the acquisition of U.S. Citigroup Inc's retail banking operations in Mexico. Shares in Grupo Mexico were down by more than 4% on Friday afternoon, a drop mirrored by Grupo Mexico Transportes' stock.

☆ Mexican president: 'No problem' if Grupo Mexico buys Citi's Banamex unit
▼ + stars: | 2023-05-16 | by ( Brendan O'Boyle | ) www.reuters.com time to read: +1 min

Lopez Obrador said the mining and transport conglomerate (GMEXICOB.MX) remains one of the possible buyers of the retail banking unit, also known locally as Banamex. Lopez Obrador said he believes several "recommendations" he has for the sale are being met. Reuters reported last week that Grupo Mexico was closing in on a $7 billion deal to purchase Banamex. Lopez Obrador, a leftist economic nationalist, referenced tensions with Grupo Mexico's billionaire magnate German Larrea. When it comes to the sale and purchase of the bank there is no problem," Lopez Obrador said.

☆ Grupo Mexico nearing $7 bln deal for Citi's Banamex unit -source
▼ + stars: | 2023-05-11 | by ( Andres Gonzalez | ) www.reuters.com time to read: +2 min

[1/2] The logo of Banamex bank is on a branch in Mexico City, Mexico, November 17, 2017. As part of the deal, Citi will retain a roughly 10% stake in the Banamex unit, the source said, requesting anonymity as the discussions are confidential. Reuters had reported in February that Grupo Mexico's proposed deal for Banamex could value it at $7 billion or more. Grupo Mexico did not immediately respond to a request for comment. Bloomberg reported on talks advancing between Grupo Mexico and Banamex earlier on Wednesday.

☆ Mexican Senate expeditiously approves set of laws, mining reform
▼ + stars: | 2023-04-29 | by ( Raul Cortes | ) www.reuters.com time to read: +2 min

MEXICO CITY, April 29 (Reuters) - The Mexican Senate approved in an express session on Saturday a package of laws including two constitutional reforms and a new mining law rebuked by the mining chamber and Canada. The mining law shortens concessions in the mining sector to 30 years from 50, tightens water extraction permits, and requires some mining profits to be returned to local communities, among other modifications. Lopez Obrador has not granted any new mining concessions since he took office in the world's top silver producing country in late 2018. The national mining chamber Camimex has warned such reforms could cost the country some $9 billion in investments and up to 420,000 jobs. Mining giant Grupo México (GMEXICOB.MX) said on Thursday that the government's reforms to the sector did not represent a risk to its portfolio.

☆ Mexican finance minister says "satisfied" with Citibanamex sale
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

MERIDA, Mexico, March 17 (Reuters) - Mexico's government is "satisfied" with the sale process of Citigroup's (C.N) Mexican retail bank Citibanamex, Finance Minister Rogelio Ramirez de la O said on Friday, adding that the bank is now in the due diligence process with potential buyers. Billionaire German Larrea's conglomerate Grupo Mexico (GMEXICOB.MX) and the head of Mexico's Mifel bank Daniel Becker (MIFEL.UL) are the last two bidders for the bank. "We have not been aware that either of the two have left (the process)," the finance minister said. Reuters had previously reported that Grupo Mexico had emerged as the front-runner to buy the consumer banking unit over rival bidder Becker, having secured a $5 billion debt package for its proposed, citing sources. In February, Citigroup's Chief Executive Jane Fraser met with Mexican President Andres Manuel Lopez Obrador amid the bank's attempt to finalize the sale of its local unit.

Feb 1 (Reuters) - Grupo Mexico (GMEXICOB.MX), the conglomerate controlled by billionaire German Larrea, has secured a $5 billion debt package for its proposed acquisition of Citigroup Inc's (C.N) retail operations in Mexico, according to people familiar with the matter. The move represents a major milestone in Grupo Mexico's efforts to put together the deal for Banamex, the unit that encompasses the Citigroup assets. Several banks, including Barclays Plc (BARC.L) and HSBC Holdings Plc (HSBA.L), have pledged to provide the debt financing, the sources said. Citi, Grupo Mexico, Barclays and HSBC declined to comment. Citi stepped back from conversations with Becker to prioritize a potential deal with Larrea, according to sources.

REUTERS/Evelyn HocksteinMEXICO CITY, Jan 27 (Reuters) - Citigroup <C.N> Chief Executive Jane Fraser is planning to meet with Mexican President Andres Manuel Lopez Obrador, a government spokesperson told Reuters on Friday, amid the bank's attempt to finalize the sale of its local unit. A spokesperson for Lopez Obrador, Jesus Ramirez, said he did not have further details on the meeting, and said it was subject to final confirmation. The planned meeting comes as Citi aims to sell its Mexican unit, Banamex, as part of the company's planned withdrawal of its retail services in the country after 20 years, first announced last January. Two bidders, which sources told Reuters were Mexican conglomerate Grupo Mexico and Banca Mifel, are vying for Citi's local unit, Lopez Obrador said in December. Reporting by Kylie Madry and Isabel Woodford; Editing by Stephen Eisenhammer, Cassandra Garrison and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Chief of Mexico's Mifel says it is still in bidding process for Citibanamex
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Dec 14 (Reuters) - Mexico's Banca Mifel is still in the bidding process for Citigroup's (C.N) Mexican retail bank Citibanamex, Mifel's head Daniel Becker told Reuters on Wednesday. Speaking at an event hosted by Mexico's banking association, Becker - the bank's chairman and CEO - said the race was not over, but declined to comment further. The competition to buy one of Mexico's biggest retail banks has narrowed to two bidders, with smaller rival Mifel, in conjunction with a band of investors, battling billionaire German Larrea's conglomerate Grupo Mexico (GMEXICOB.MX). The two remaining bidders are now conducting further due diligence on the business, sources told Reuters late last month. Reporting by Valentine Hilaire; Writing by Isabel Woodford; Editing by Anthony Esposito and Alistair BellOur Standards: The Thomson Reuters Trust Principles.

☆ Mexico president says two bidders remaining for Citi's local retail bank
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Dec 9 (Reuters) - Mexican President Andres Manuel Lopez Obrador said on Friday there are two remaining parties bidding to buy the Mexican retail arm of U.S. banking giant Citigroup . Lopez Obrador expects the bid for one of Mexico's biggest banks to be resolved in the beginning of 2023, he said during a regular news conference. Sources have told Reuters billionaire German Larrea's conglomerate Grupo Mexico (GMEXICOB.MX) is battling Daniel Becker's smaller Banca Mifel to buy the lender. Citigroup Chief Executive Officer Jane Fraser has been looking to simplify the firm by selling off some its international operations. Reporting by Valentine Hilaire; Editing by Sarah MorlandOur Standards: The Thomson Reuters Trust Principles.

Small-scale copper miners are now challenging Big Copper for territorial control of rich deposits of the red metal. In Peru, artisanal mining permits have doubled to 80,000 since 2020, government records show. Peru's leftist administration presented a new framework for artisanal mining last week that declared artisanal mining is "as important" as big mining. "Where we have concessions we can't have (artisanal mining permits)," Rojas said. The number of valid artisanal mining permits in Tapairihua has fallen from 100 to 32 since May, according to government records.

☆ Citi Mexico suitor Mifel enlists Apollo, ADIA to fund bid -sources
▼ + stars: | 2022-11-27 | by ( Pablo Mayo Cerqueiro | David French | ) www.reuters.com time to read: +2 min

LONDON/NEW YORK, Nov 27 (Reuters) - Mexico's Banca Mifel has lined up investors including Apollo Global Management and the Abu Dhabi Investment Authority (ADIA) to fund a bid for Citigroup Inc’s (C.N) Mexican retail bank, two sources familiar with the matter told Reuters. The debt financing could attract more investors to join in Mifel's bid to buy Citibanamex, although there is enough funding already in place to fully support Mifel's proposal, one of the sources said. The competition to buy one of Mexico’s biggest banks has narrowed to two bidders, with smaller rival Mifel, led by Daniel Becker, battling billionaire German Larrea's conglomerate Grupo Mexico (GMEXICOB.MX). The two remaining bidders are now conducting further due diligence on the business, also known as Banamex, the sources said. Representatives from Mifel and Grupo Mexico did not immediately respond to emails and phone calls requesting comment.

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