Mexican Competition Commission extends authorization of KCS' TFM purchase-deal with TMM (9/26/2003)


The Mexican Competition Commission extended for six months its prior authorization of Kansas City Southern's purchase of all TFM S.A. de C.V. shares from Grupo TMM S.A., according to a KCS statement issued Sept. 26.

The Commission placed no conditions on the extension, which KCS requested in order to have additional time to pursue a possible legal battle with TMM over a TFM acquisition agreement signed in April.

"The decision [will] allow the acquisition to be completed during the period of the extension without [us] having to apply once again for authority from the commission," said Ronald Russ, KCS executive vice president and chief operating officer, in a prepared statement.

Source: Progressive Railroading Daily News