Satmex Rejects Offers

Mexican satellite company Satélites Mexicanos (SatMex) says it has rejected all recent offers of acquisition, including one recently revealed from French satellite operator Eutelsat, saying that all have “failed to meet its ojectives”. Local companies Teléfonos de México and Grupo Televisa had earlier expressed an interest in bidding, as had European conglomerate SES Global. Last year SatMex successfully restructured to position itself as a target in the consolidating satellite communications sector. It appointed Morgan Stanley to advise on the sale to a strategic buyer. The restructuring, which has been praised for its fair treatment of foreign creditors, left 78% of the company’s equity in the hands of the debt holders. The remaining 22% is held by the Mexican government (20%) and jointly by local telco Principa and US operator Loral (2%).