Mexico group It is the company that is shaping up to buy 80 percent of the shares of Banamex, which has already received the President’s approval Andres Manuel Lopez Obrador to proceed with the acquisition. The copper mining consortium belongs to German Larry Motta Velascothe owner of the second largest fortune in the country.
The leader in copper production, freight transportation and infrastructure has activities in Mexico, Peru, USA, Argentina, Chile, Ecuador and Spain. It is a company inherited from Jorge Larrea Ortega, who was known as The King of CopperTo his wife and son.
in 1988 Mexico group acquired government shares in La Caridad Minewas the company’s first point to position itself as The main producer of copper in the country. One of the most recent investments was in 2008, when he bought Cinemex for $315 million.
Read more: Palomea AMLO to Grupo México as buyer of Banamex
This company is involved in the tragedy that occurred in 2006 mine is Pasta de Conchos, Where 65 miners died, where they are still continuing their rescue work, expecting that by December 2023 they will be able to recover all the bodies of the miners.
Concho Pasta It had a huge political cost to it German Lariat. After the disaster breaks her relationship with the head of the mining syndicate, Napoleon Gomez UrrutiaCurrently exiled in Canada.
On August 6, 2014, Grupo México was also blamed for the spill of 40,000 cubic meters of sulfuric acid into the Bacanuchi and Sonora rivers, one of the largest and most significant environmental disasters in the country.
Who is Germán Larrea, owner of Grupo México?
His origin is from Mexico City, he is 63 years old, and he has a fortune estimated at 21.3 billion dollars, which puts him in the second richest position in the country, after businessman Carlos Slim, She is one of the 500 richest people in the world.
Graduated in Business Administration from the University of Anahuac, and was the founder of Grupo Impresa, a publishing company. In 1994 he became Chairman, President and CEO of Grupo México. He is currently the Director of the Mexican National Bank and the Mexican Council of Entrepreneurs.
Read more: Carlos Slim and German Larrea are strong candidates to buy Banamex
This week it was reported that Grupo México and Citi had agreed to sell panamax It’s about $7 billion, just 80 percent equity. An amount also a billion more than the original offer made by Larrea in October 2022 for 100 percent of the share capital.