Mexico Scraps Sale of State-Owned Sugar Mills on Low Offers

Bloomberg, 4/2/2009

Alberto Cardenas
Alberto Cardenas

Mexico’s government will postpone the sale of 13 sugar mills after rejecting offers that were as much as 70 percent below estimates, said Agriculture Minister Alberto Cardenas. The 13 mills accounted for about 18 percent of the 5.5 million metric tons produced in Mexico last year.

Mexico, which had decided against investing in the mills, wants to sell them to fuel spending in the industry as it seeks to boost production by 13 percent by 2012. Domestic sugar producers want to take advantage of selling sugar to the U.S. after the two countries lifted trade restrictions on the commodity last year.

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