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Name | Symbol | Market | Type |
---|---|---|---|
ASE Technology Holding Co Ltd | NYSE:ASX | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.4296 | 4.23% | 10.5896 | 10.56 | 10.40 | 10.41 | 5,323,314 | 23:08:46 |
Mexican mining and railroads company Grupo Mexico SAB (GMEXICO.MX) said Friday it is proposing to combine the mining operations of Southern Copper Corporation (SCCO) and Asarco LLC in its subsidiary, Americas Mining Corporation.
In a filing with the Mexican stock exchange, Grupo Mexico said it has presented the proposal to the board of Southern Copper, which runs the group's Mexican and Peruvian mining operations. Under the proposal, Southern Copper shareholders would receive 1.237 shares of AMC for every Southern Copper share owned.
AMC would then be listed on the New York and Lima stock exchanges, Grupo Mexico said.
The proposal would raise Grupo Mexico's stake in Southern Copper to 100% from 80%, and the shareholders who own about 20% of Southern Copper would have a 16.6% stake in AMC.
The proposal values Asarco at about $5.94 billion, Grupo Mexico said.
"The transaction would give Southern Copper shareholders the opportunity to participate in the future growth of Southern Copper and Asarco, which would be fueled by synergies and operating efficiencies that could be had under a common ownership and management," Grupo Mexico said.
Grupo Mexico received control of Asarco, which has mining and smelting operations in Arizona and Texas, after a lengthy bankruptcy process in which the company fought off alternative offers to acquire the U.S. concern. This year, Grupo Mexico also recovered control of the Cananea copper mine, Mexico's largest, after a long strike and dispute with the national mining workers union that kept the facility shut for nearly three years.
Grupo Mexico said Southern Copper would set up a special committee of independent directors to evaluate the proposal.
-By Anthony Harrup, Dow Jones Newswires; (5255) 5980-5176, anthony.harrup@dowjones.com
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