Entering A Bailout With Both Eyes Open
Citing unidentified sources, "The brave new world of Mexican politics" (International Business, Aug. 28) incorrectly reports that a member of the board of Vitro "objected...to Chairman Adrian Sada's plan to spend $55 million of the company's money to bail out troubled Banca Serfin, which Sada also heads." That never happened. In fact, board members were upbeat when discussing the opportunity to double Vitro's holdings in Serfin, at 50% of book value.
The story also incorrectly states that Vitro stock took "a hit" when the investment was announced in mid-July. That is not true. In fact, investors reacted positively to the increased earnings in our second-quarter report, in which the Serfin investment was announced.
RaPound l Rangel Hinojosa
President, Legal, Public
& Corporate Affairs