Slim’s Carso Tumbles With Ienova After Pipeline Bids RejectedAndrea Navarro and Ben Bain
Grupo Carso SAB, a consortium controlled by billionaire Carlos Slim, and Infraestructura Energetica Nova SAB fell as the government rejected their bids to develop a 263-mile pipeline in northern Mexico.
Ienova, a local unit of San Diego-based Sempra Energy, dropped 3.2 percent to 69.80 pesos per share at 1:41 p.m. in Mexico City, the biggest drop on the country’s benchmark stock index. Carso declined 2.1 percent to 68.46 pesos per share. The IPC equity gauge increased 0.2 percent.
Ienova has rallied 34 percent this year on speculation that the nation’s only publicly traded pipeline operator will benefit from the end of Mexico’s seven-decade energy monopoly.
Today’s award from Comision Federal de Electricidad, Mexico’s state power company, went to Fermaca Enterprises S de RL, whose $531 million bid beat Ienova and Carso.