Mexican tycoon Ricardo Salinas Pliego plans to delist the stocks of three companies he controls from the New York Stock Exchange. TV Azteca, Mexico’s second television network, Grupo Elektra, the country’s main home appliance retailer, and cellphone company Grupo Iusacell plan shareholder meetings to approve delisting from the NYSE. Salinas Pliego cited “over- regulation” for the decision. However, the US SEC is suing him for fraud and last week Mexican regulators fined TV Azteca, Salinas Pliego and a director $2.3 million for violating local securities law. Finance Minister Francisco Gil Díaz also demanded prosecutors bring criminal charges against Salinas Pliego for insider trading.
Category: Equity
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New EU Directives
Nick Eastwell, global head of capital markets at Linklaters, which advises the Swiss Stock Exchange, explains how new European Union directives affect Latin American issuers.
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Back to the Markets
An IPO wave will continue in 2005. Fixed income markets are on an upswing. Does Brazil finally have the mature capital markets it so badly needs? Not yet.
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Arauco Plans Bond Issue
Chilean pulp maker Celulosa Arauco y Constitucion (Arauco) plans to place a $300 million bond issue on the New York Stock Exchange April 12. The company has begun a road show to advertise the sale that will travel to Singapore, Hong Kong, London, Boston and New York. JP Morgan is the lead manager of the issue.
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Pioneering IPOs
IPOs were unusually plentiful in Latin America last year. Nearly a dozen companies went public in São Paulo, Santiago and Mexico City – the region’s three main financial centers. But Brazil, […]
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Filling the Racks
The president of Mexico’s Stock Exchange wants to build a one-stop shop for investors. The first customers? Private pension funds.
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Vanishing Point
A record-setting performance by Mexican stocks has triggered a wave of IPOs, but the market is still shrinking.
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Cencosud Bags Retail Investors
The Chilean grocery store chain storms into the stock market with an IPO aimed at domestic and international investors and feeds an appetite for Latin shares.
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Corpbanca’s Rare Performance
Chile suffered a five-year drought of equity offerings until last November when a bank with some big-name backers became the first Chilean company to launch an IPO since 1997. Corpbanca’s […]
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Business & Banking
Brazilian Government Sells Its CVRD Stock The Brazilian government raised $1.6 billion from the March sale of 68.5 million shares of Cia Vale do Rio Doce (CVRD), the privatized mining […]