Bloomberg News

Mexico Stocks: Genomma Lab, Grupo Modelo, Gruma Are Active

March 15, 2012

The following companies had unusual price changes in Mexico trading. Stock symbols are in parentheses and prices are as of 2 p.m. local time.

The IPC index rose 0.4 percent to 38,134.57.

Grupo Modelo SAB (GMODELOC) , Mexico’s largest beer maker, climbed 1.8 percent to 89.90 pesos. Alberto Aguilar, a columnist for Mexico City-based El Universal newspaper, said today there was renewed speculation that Anheuser-Busch InBev NV (ABI), the world’s biggest beer maker, wants to take control of Modelo. He didn’t say where he got the information. Jennifer Shelley, a spokeswoman for Modelo, declined to comment. Laura Vallis, a New York-based spokeswoman for AB InBev, declined to comment.

Genomma Lab Internacional SAB (LABB) gained for a second day, advancing 2.5 percent to 25.28 pesos. The stock erased losses yesterday after Chief Financial Officer Oscar Villalobos said the Mexican maker of over-the-counter drugs has no plans to raise its offer to buy Prestige Brands Holdings Inc. (PBH)

Gruma SAB (GRUMAB) , Mexico’s biggest maker of corn flour for tortillas, added 2.7 percent to 32.70 pesos. The company’s credit rating was raised to BB from BB- by Standard & Poor’s yesterday. The outlook is “stable.” Separately, Banco Santander SA (SAN) reiterated its buy rating on the stock and raised its year-end target price to 40 pesos, citing expected growth in its U.S. operations.

To contact the reporter on this story: Jonathan J. Levin in Mexico City at jlevin20@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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