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By
Reuters
Published
Oct 25, 2016
Reading time
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Mexican companies plan to raise capital after U.S. election

By
Reuters
Published
Oct 25, 2016

Four Mexican companies plan to raise capital via share offerings after the U.S. presidential election, three people familiar with the matter said, including tequila maker Jose Cuervo, which has delayed a listing until after the Nov. 8 election.

Although Democratic contender Hillary Clinton leads polls, a number of Mexican investors and firms have postponed plans for fear that Republican Donald Trump, who has railed against the North American Free Trade Agreement, could still win.


Grupo Axo is one of four major Mexican firms who have expressed concerns about investing pre-election - Grupo Axo


Trump has spooked investors with threats to tear up NAFTA, the trade deal between the United States, Mexico and Canada, as well as criticism of U.S. companies that invest in Mexico.

Even so, the peso currency has recently appreciated, spurred by growing confidence that Trump's chances of victory are fading.

In addition to Jose Cuervo, the three other companies that plan to raise capital are cement makers Cemex and Elementia and retailer Grupo Axo.

Jose Cuervo, Cemex and Elementia plan to go ahead with their share offerings this year, according to the three people, who spoke on condition of anonymity.

Cemex has said it plans to sell its 23 percent stake in Grupo Cementos de Chihuahua in a secondary public offering, while Elementia, part-owned by billionaire Carlos Slim, is due to issue new shares.

Grupo Axo is preparing an initial public offering, according to the people familiar with the listings. A spokesman for Grupo Axo said it does not yet have a date for the offering.

Jose Cuervo was expected to launch an IPO this month, but Reuters reported that the company would wait until after the election due to concern about market volatility.

Spokespeople for Jose Cuervo, Elementia, Cemex and Grupo Cementos de Chihuahua declined to comment.

The Mexican stock exchange said it could not comment about upcoming stock offerings.

 

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