OHL Mexico Jumps Most Ever Amid Spanish Talks to Sell Sharesby
OHL Mexico posted the biggest gain on Mexico’s benchmark stock index after parent company Obrascon Huarte Lain SA said it is holding preliminary talks with an investment fund that has shown interest in the possibility of making a joint offer for OHL Mexico’s shares.
The toll-road operator advanced as much as 18.3% percent to 24.73 pesos Tuesday, the biggest jump ever since its 2010 initial public offering. A potential buy-back of OHL Mexico’s shares "is nothing more than a possibility," and no deal has been made with said fund or any other investor, according to the company.
Madrid-based OHL is not "under any scenario considering investing additional funds" to acquire new OHL Mexico shares, the company said in a Spanish regulatory filing. There is, at the moment, no agreement or authorization to de-list from the Mexican stock exchange and the company intends to maintain its Mexico operations, OHL said.
Melbourne, Australia-base fund IFM Investors, is said to be looking to acquire as much as 44 percent of OHL Mexico, Economia Hoy reported earlier today. IFM already owns 24.99 percent of one of OHL Mexico’s largest projects, the Circuito Exterior Mexiquense highway.