MEXICO CITY (Reuters) – Mexican conglomerate Alfa (MX:) said on Friday it plans to spin off the entire ownership of its 75% stake in car part business Nemak (MX:), sending Alfa’s shares surging over 20%.
If shareholders approve the proposal at a meeting on Aug. 17, they would receive one share of Controladora Nemak for each of their Alfa shares. They would also retain share ownership in Alfa’s equity.
“We plan a gradual and orderly transition process to make Nemak an independent business,” Alfa President Alvaro Fernandez Garza said in a statement.
Controladora Nemak would be listed on the Mexican stock exchange following the spin-off, Alfa said.
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