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MEXICAN TRANSPORTATION COMPANY RESCINDS SALE OF RAILROAD UNIT TO U.S.-BASED KANSAS CITY SOUTHERN INDUSTRIES.
SourceMex Economic News & Analysis on Mexico, August, 2003
An ambitious plan to merge two US and Mexican rail companies into a single binational unit unraveled after shareholders of the Mexican partner in the venture, giant transportation company Transportes Maritimos Mexicanos (TMM), turned down the deal in a vote in mid-August.
The US partner, railroad company Kansas City Southern Industries (KCS), had been prepared to form a large binational rail company after reaching an agreement with TMM officials in April of this year to acquire a large share of the company's rail subsidiary Transportacion Ferroviara Mexicana (TFM) for US$200 million. KCS, which already owned a small percentage of TFM, was proposing to merge its US and Mexican operations into a company called NAFTA Rail (see SourceMex, 2003-04-30).
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