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AMLO Rail Grab Could Hit Market Confidence, Business Group Says – Bloomberg

Andres Manuel Lopez ObradorPhotographer: Alejandro Cegarra/Bloomberg
Andres Manuel Lopez Obrador ( Alejandro Cegarra/Bloomberg )

Max de Haldevang, Bloomberg News

EnergiesNet.com 05 22 2023

Mexican President Andres Manuel Lopez Obrador’s move to seize part of a rail line could damage investor confidence in the country, a major business lobby said Saturday. 

Businesspeople are “deeply concerned about the negative effects that this type of decision generates,” the Consejo Coordinador Empresarial said in a statement.

Lopez Obrador’s government on Friday declared a section of track in the state of Veracruz to be “of public utility” and transferred it to a state entity that’s building a line across the Isthmus of Tehuantepec, a relatively narrow strip of land that separates the Pacific Ocean and Gulf of Mexico. 

Tehuantepec Railway Line

Mexico is building a railway from Coatzacoalcos to Salina Cruz

Read more: AMLO Seizes Rail Line From Billionaire Poised to Buy Banamex 

The rail line will eventually be operated by the Navy, according to a notice posted in the daily gazette on Friday.

The rail line was owned by billionaire German Larrea’s Grupo Mexico SAB, raising questions about how the move might impact a bid by the mining magnate to buy Citigroup Inc.’s retail bank in the country. The notice on Friday said the rail line’s owners would be compensated, without giving details.

bloomberg.com 05 20 2023

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