I don't know if this is good news or bad.
Southern Copper Corp. (SCCO:US), the largest producer of the metal in Peru and Mexico, postponed a planned bond sale after the Delaware Supreme Court upheld a $2.03 billion judgment against parent company Grupo Mexico SAB.
September 04, 2012
So SCCO should get rid of GRUPO and go alone dig we must with old shovels.
The share sale would be a first step in listing the individual parts of the conglomerate, which has a market value of 310.5 billion pesos ($23.5 billion).
Whats 2.03 billion in a 23.5 billion company.
See my post on IV about this.
OK, I'm just back from the north woods and a little sick so I'm not thinking too clearly.
So ...... my question is, IF GRUPO is in fact delaying an IPO, why were they thinking about an IPO in the first place?
Could it be that GRUPO needs/wants the money and if so, could this delay in the IPO harken to an increased SCCO dividend payment in the near future?
Or, am I just overthinking this?
Probably means they can't get the price they want for the IPO launch......weak interest from the tute's.