IMSA Share Buyback Imminent

Grupo IMSA, Mexico’s largest steelmaker, says it has received approval from the securities commission for its plan to buy back the remaining 12% of its stock via a public offering on the Mexican Stock Exchange, clearing the way for the company to be delisted. In October, the Canales Clariond family increased its shareholding in the Group by buying up the 43% stake held by other family members for just over $1 billion. On Wednesday last, Fitch Ratings downgraded the Mexican steelmaker to AA+ to AA-, citing the post-merger weakness in IMSA’s financial indicators. IMSA has operations in Mexico, Central America and the United States.