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☆ Mexico's Telmex reaches pay rise agreement with union, ministry says
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, June 5 (Reuters) - Mexican telecom Telmex, a subsidiary of America Movil (AMXB.MX), has reached a deal with a workers' union that proposes a 5.6% pay rise, the country's labor ministry said on Monday, after extended negotiations. Some 30,000 current and retired workers will now vote on the deal, it added. The company and union also agreed on other commitments such as increasing market share, sales, customer retention, investments, benefits for workers' children, share-exchange and voluntary permanence programs among others, it added. The labor ministry had been mediating between the company and the telephone workers' union. ($1 = 17.4537 Mexican pesos)Reporting by Carolina Pulice; Editing by Sarah MorlandOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlos Slim's, Carolina Pulice, Sarah Morland Organizations: MEXICO CITY, Thomson Locations: MEXICO, Mexican, America

☆ BBVA, Santander, Bank of America want to back Mexico's $6 billion power deal, Bloomberg reports
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Spanish utility company Iberdrola is seen outside its headquarters in Madrid, Spain, May 23, 2018. REUTERS/Sergio Perez/File PhotoApril 13 (Reuters) - Banco Bilbao Vizcaya Argentaria (BBVA.MC), Banco Santander SA (SAN.MC) and Bank of America Corp (BAC.N) together plan to fund Mexico's $6 billion deal to purchase power plants from Spain's Iberdrola (IBE.MC), Bloomberg News reported on Thursday citing people familiar with the talks. The three lenders are among a consortium looking to finance the deal, the report said, with local banks such as Grupo Financiero Banorte and billionaire Carlos Slim's Grupo Financiero Inbursa also interested. The Bank of America declined to comment on the report, while Banco Bilbao Vizcaya Argentaria, Banco Santander SA and Iberdrola did not immediately respond to Reuters' requests for comment. Reporting by Nilutpal Timsina in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ List of bidders for Citigroup's Mexican retail arm shrinks as Inbursa drops out
▼ + stars: | 2022-11-24 | by ( Valentine Hilaire | ) www.reuters.com time to read: +2 min

MEXICO CITY, Nov 23 (Reuters) - Mexican bank Grupo Financiero Inbursa (GFINBURO.MX) said on Wednesday it had pulled out of the bidding process for U.S. bank Citigroup's Mexican retail arm Citibanamex. Carlos Slim's Inbursa and German Larrea's Grupo Mexico (GMEXICOB.MX) were seen as the frontrunners in bidding for Citibanamex, known also as Banamex. "We considered from the beginning (of the bid) that it was going to be difficult for a player in the sector to make such an acquisition. Other heavyweight names such as Grupo Financiero Banorte (GFNORTEO.MX), Spanish bank Santander (SAN.MC) and media tycoon Ricardo Salinas have previously also pulled out of the process. Reporting by Carolina Pulice and Valentine Hilaire; Editing by Anthony Esposito, Stephen Coates and Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Mexico's Inbursa drops bid for Citigroup's Mexican retail arm Citibanamex
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Nov 23 (Reuters) - Mexican bank Grupo Financiero Inbursa (GFINBURO.MX) said on Wednesday it had pulled out of the bidding process for U.S. bank Citigroup's Mexican retail arm Citibanamex. "Inbursa confirms that, following submission of a non-binding proposal for the businesses in question, the parties mutually agreed that Inbursa will not be continuing to the next stages of the process," it said in a filing. Mexican corporate titans Carlos Slim's Inbursa and German Larrea's Grupo Mexico (GMEXICOB.MX) were seen as the frontrunners in bidding for Citibanamex, known too as Banamex. Earlier this month, Mexican President Andres Manuel Lopez Obrador said there are at least three remaining bidders for Banamex. Reporting by Carolina Pulice and Valentine Hilaire; Editing by Anthony EspositoOur Standards: The Thomson Reuters Trust Principles.

MEXICO CITY, Sept 27 (Reuters) - Telmex union representatives on Tuesday rejected the latest contract offer by the Mexican telecommunications firm controlled by tycoon Carlos Slim's family, a union spokesperson said. The Mexican Telephone Workers Union, known as STRM for its Spanish acronym, will meet on Wednesday to decide the next steps, the spokesperson said. The offer, reviewed by Reuters, included bonuses for retiring workers in a bid to end a long-running dispute over benefits. It followed weeks of negotiations between the company and union after a two-day strike in July. Register now for FREE unlimited access to Reuters.com RegisterA spokesman for Telmex did not immediately respond to a request for comment.

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