Mexico Stocks: Grupo Televisa, Genomma Lab Internacional Drop
The following companies are having unusual price changes in Mexico trading. Stock symbols are in parentheses and prices are as of 11:33 a.m. local time.
The IPC index fell 0.5 percent to 38,096.95.
Genomma Lab Internacional SAB (LABB) , the Mexican producer of over-the-counter drugs, dropped 6.3 percent to 27 pesos. The company said it plans to acquire all shares of Prestige Brands Holdings Inc. for $16.60 per share, valuing the bid at $834 million, according to a filing today to the Mexican stock exchange. The offer represents a 23 percent premium over Prestige’s closing price on Feb. 17.
Grupo Televisa SAB (TLEVICPO) , the world’s largest Spanish-language broadcaster, fell 1.3 percent to 53.57 pesos. The positive impact on cable and telecom profit margins from lower interconnection rates in the second half of 2011 may be “partially offset shortly” as the company faces pressure to transfer part of the rate cut to clients, Gregorio Tomassi, an analyst at Banco Santander SA, said in an e-mailed report today.
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