IMSA Prepares Buyback

Grupo IMSA, Mexico’s largest steelmaker, is preparing to buy back the remaining 12% of its stock via a public offering on the Mexican Stock Exchange, thereby clearing the way for the company to be delisted. The offering is expected to take place around the middle of November, following approval from the securities commission for the transaction. Last month, 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. IMSA has operations in Mexico, Central America and the United States.