Grupo Carso / China and South Korea

AMLO Celebrates Acquisition of Talos Energy by Grupo Carso. President Andrés Manuel López Obrador celebrated the announcement made on Thursday by Grupo Carso, owned by Carlos Slim, stating the company has reached an agreement with Talos Energy to acquire 49.9% of its subsidiary in Mexico, which holds a stake in the Zama oil field. The transaction is expected to be finalized in 3Q23, subject to regulatory approvals from COFECE.

Talos Energy explained in a statement that the agreement is for US$124.75 million, which includes a 17.4% stake in the Zama mega oil field, jointly owned with PEMEX. Of that amount, US$74.85 million will be paid upon closing the transaction, while the remaining US$49.9 million will be paid following the first commercial production from the field.

Agreement with China and South Korea. The government reported that it will establish an agreement with China and South Korea to prevent fentanyl trafficking. López Obrador said that his government is already in talks with China and South Korea to implement actions against the trafficking of fentanyl into Mexico. The governments seek to prevent the entrance of this drug, as well as other chemical precursors, from Asia.

Banamex. President López Obrador made it clear that even if Citigroup sells Banamex on the stock exchange, it will still have to pay taxes, although it may not be during the current federal administration. Furthermore, he explained that stock market transactions are no longer exempt from taxes. 

US bank Citigroup announced last Wednesday that it is canceling the sale process of the consumer bank Banamex to take it to the stock market, although it will remain in Mexico as an investment bank. The announcement puts an end to a year of tense negotiations in which Mexican President López Obrador has personally been involved. Just yesterday, the President stated that the government could enter the purchase if Grupo México backed out, adding that it would be a "winning deal."

Banamex, the country's fourth-largest banking group, was acquired by Citigroup in 2001 for US$12.5 billion and currently has 1,300 branches, 9,000 ATMs, 6,600 commercial clients, 12.7 million private clients, as well as 10 million pension fund holders.

Citigroup says Banamex will retain its entire credit card portfolio, retail bank, consumer loans, mortgages, insurance, pension funds, deposits, as well as its 38,000 employees, historic buildings and even its art collection.

Philip Morris. President Andrés Manuel López Obrador announced that a magistrate has granted an injunction to the multinational company Philip Morris regarding the federal government's ban on vaping devices. The Mexican government prohibited the use of vaping devices and electronic cigarettes at the end of May last year due to their health risks.

López Obrador explained that these types of legal maneuvers are driven by economic interests at the expense of the health of Mexican people. The decision was made by the 20th Second Collegiate Administrative Court of the First Circuit, against the decree published on May 31, 2022, in the Official Gazette of the Federation (DOF).