{"id":11362,"date":"2023-05-20T09:16:18","date_gmt":"2023-05-20T13:16:18","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/mexico-takes-over-part-of-grupo-mexico-railway-shares-fall\/"},"modified":"2023-05-20T09:16:18","modified_gmt":"2023-05-20T13:16:18","slug":"mexico-takes-over-part-of-grupo-mexico-railway-shares-fall","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=11362","title":{"rendered":"Mexico takes over part of Grupo Mexico railway, shares fall"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: The logo of mining and infrastructure firm Grupo Mexico is pictured at its headquarters in Mexico City, Mexico, August 8, 2017. REUTERS\/Ginnette Riquelme<\/span>
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By Valentine Hilaire and Noe Torres<\/p>\n

MEXICO CITY (Reuters) – The Mexican Navy on Friday took over a section of railway in southern Mexico operated by a unit of Grupo Mexico , and shares in the mining and infrastructure company fell by more than 4% after the expropriation.<\/p>\n

Calling the move “surprising”, the transport unit Grupo Mexico Transportes 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.<\/p>\n

Earlier, Mexican President Andres Manuel Lopez Obrador’s government issued a decree ordering a “temporary” takeover of around 120 kilometers (75 miles) of the firm’s network in the area due to its importance to a major infrastructure project.<\/p>\n

Known as the Inter-Oceanic Corridor, the project centers on modernizing the rail link between Mexico’s Pacific and Gulf coasts on the Isthmus of Tehuantepec to create a trade route the government hopes will compete with the Panama Canal.<\/p>\n

Grupo Mexico Transportes will keep providing services under supervision of the armed forces, it said.<\/p>\n

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. The unit generated 20.3% of the parent company’s revenues in the last 12 months, they said.<\/p>\n

Grupo Mexico, owned by tycoon German Larrea, has been closing in on the acquisition of U.S. Citigroup <\/span><\/span> Inc (NYSE:)’s retail banking operations in Mexico.<\/p>\n

The government decree declared the section was of “public utility”, citing an expropriation law stating such measures could only be taken in exchange for compensation to the affected party.<\/p>\n

A day earlier, Mexico’s Supreme Court struck down a government order declaring key infrastructure projects matters of national security. The court said the measure violated freedom of access to information rights. Hours later, the government hit back with a new decree declaring various flagship projects including the Inter-Oceanic Corridor areas of national security.<\/p>\n

The government has allocated a swathe of public works to the armed forces, including a contract for a key section of the “Mayan Train”, another of the president’s projects aimed at developing Mexico’s poorer south.<\/p>\n

Shares in Grupo Mexico were down by more than 4% on Friday afternoon, a drop mirrored by Grupo Mexico Transportes’ stock. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: The logo of mining and infrastructure firm Grupo Mexico is pictured at its headquarters in Mexico City, Mexico, August 8, 2017. REUTERS\/Ginnette Riquelme By Valentine Hilaire and Noe Torres MEXICO CITY (Reuters) – The Mexican Navy on Friday took over a section of railway in southern Mexico operated by a unit […]<\/p>\n","protected":false},"author":1,"featured_media":11363,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-11362","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nMexico takes over part of Grupo Mexico railway, shares fall | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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