friscobob
August 20th, 2003, 01:11 AM
From the TRAINS Newswire:
Stockholders nix TFM sale to Kansas City Southern
MEXICO CITY - Grupo TMM, S.A., Mexico’s largest transportation company, announced yesterday that its shareholders unanimously turned down the sale of its interests in Grupo Transportacion Ferroviaria Mexicana, S.A. de C.V. – more commonly known as TFM - to the Kansas City Southern.
The vote, which reverses an April decision to sell a 43 percent stake in the rail unit to KCS, comes less than three weeks after the U.S. Justice Department approved KCS’s plan to buy control of the railway and create NAFTA Rail, connecting the industrial heartland of both the United States and Mexico.
Following the vote, Kansas City Southern issued a statement that it was exploring its rights under the agreements between the parties and intends to pursue all appropriate legal or administrative action against any persons or entities involved in interfering with KCS and its agreements with TMM. KCS, it said, remains committed to completing the transaction
Stockholders nix TFM sale to Kansas City Southern
MEXICO CITY - Grupo TMM, S.A., Mexico’s largest transportation company, announced yesterday that its shareholders unanimously turned down the sale of its interests in Grupo Transportacion Ferroviaria Mexicana, S.A. de C.V. – more commonly known as TFM - to the Kansas City Southern.
The vote, which reverses an April decision to sell a 43 percent stake in the rail unit to KCS, comes less than three weeks after the U.S. Justice Department approved KCS’s plan to buy control of the railway and create NAFTA Rail, connecting the industrial heartland of both the United States and Mexico.
Following the vote, Kansas City Southern issued a statement that it was exploring its rights under the agreements between the parties and intends to pursue all appropriate legal or administrative action against any persons or entities involved in interfering with KCS and its agreements with TMM. KCS, it said, remains committed to completing the transaction