According to The Economist, investors are rushing to buy a piece of Mexico’s leading tequila-maker, José Cuervo.
Over the course of more than 200 years in the tequila business, Jose Cuervo will have been responsible for a fair few moments of giddy pleasure. Last week, it got one of its own thanks to a successful initial public offering (IPO). It was eight times oversubscribed and raised 18.6 billion pesos ($920 million USD) in exchange for 15% of the company.
Jose Cuervo, which is based in the western Mexican state of Jalisco, is one of the country’s best-known brands, and has been run by the same family for 11 generations. It dominates the Mexican tequila industry; sales in 2015 came to 18.5 billion pesos (910 million USD). It also holds an assured place in the history of mixology: the original margarita cocktails were purportedly made with Jose Cuervo tequila.
Long considered a candidate for flotation, it eventually published a prospectus in September 2016. The IPO was delayed, though, seemingly to allow the company to take stock of the impact of Donald Trump’s election victory in November. Since then the peso has dropped over 10% against the dollar, and Mr Trump’s desire to rework, even to rip up, the North American Free-Trade Agreement, and perhaps impose a border tax on Mexican exports to America has sent tremors through the Mexican economy.
Clickd here for full article on The Economist
Source: http://www.economist.com/
Comments
more recommended stories
Catholic Church admits cases of sexual abuse against minors in CampecheThere are three pending cases in.
WWF sea-turtle documentary is made in MexicoMÉRIDA, MX.- The World Wildlife Fund.
Amanhá Residential Resort takes a step into the future at the Yucatán Country ClubMérida, Yucatán, (October 18, 2021).- Inmobilia.
UADY Rector confirms COVID-19 cases in students and teachersMérida, Yucatán, (October 18, 2021).- The.
Morena Yucatán flirts with Mauricio Vila and say he could become part of AMLO´s 4TMérida, Yucatán, (October 18, 2021).- The.
Mauricio Vila visits Seville, Spain, one of the best cities in the world for cyclists and pedestriansMérida, Yucatán, (October 18, 2021).- In.
When will the land borders with Mexico and Canada be re-opening?New travel rules will take effect for.
INE says 2.85 million signatures needed to open presidential recall referendumMEXICO CITY (Reuters) – Mexico’s national.
What travelers need to know before the new US travel system on Nov. 8The United States is about to.
Thousands of people in El Salvador join protests against the Bukele governmentThousands of people in El Salvador.
Leave a Comment