Mexico's federal government will not cancel a $200 million debt owed to public authorities if Grupo Villacero goes ahead with the acquisition of domestic steelmaker Altos Hornos de M?(C)xico (Ahmsa), Mexican President Andr?(C)s Manuel L??pez Obrador said in a press conference on Friday July 17.
This debt refers to the acquisition from Ahmsa in 2013 of fertilizer producer Agro Nitrogenados by state-owned oil company Petr??leos Mexicanos (Pemex) for $275 million. An investigation by federal authorities found that the deal was overpriced and calculated that Ahmsa should reimburse $200 million at current value.The acquisition, and other transactions involving either Ahmsa or Pemex, led to an asset freeze...