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    WALMEX *   MX01WA000038

WAL-MART DE MÉXICO, S.A.B. DE C.V.

(WALMEX *)
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Wal Mart de Mexico B de C : Mexican judge halts electricity law, as president says top court should rule

03/19/2021 | 12:58pm EDT

MEXICO CITY, March 19 (Reuters) - A Mexican court ordered a definitive suspension of the government's contentious new electricity law in a ruling published Friday, just as President Andres Manuel Lopez Obrador called for the Supreme Court to settle the matter.

A cornerstone of Lopez Obrador's drive to bolster state control of the energy market, the law aims to strengthen national power company the Comision Federal de Electricidad (CFE).

The president argues the previous administration skewed the electricity market in favor of private operators, and renewable energy providers are concerned that the changes threaten their businesses in Mexico.

"Let's have the Supreme Court resolve this," Lopez Obrador told a regular news conference. "If it's declared unconstitutional because the interests of business groups win out ... if the judges don't act with justice, you'd have to take the word off the 'Supreme Court of Justice,'" he added.

The definitive suspension comes a week after a judge ordered a temporary freeze to the legislation passed by Congress this month, citing competition concerns. It was not clear how soon the dispute could reach Mexico's top court.

Lopez Obrador noted the Supreme Court could only strike down the law if two-thirds of its members vote against it. That meant if four of the court's 11 judges upheld it, it will stand, said the president, who has appointed three of the justices so far.

A leftist who has repeatedly clashed with business, Lopez Obrador also noted breadmaker Bimbo and retailer Walmart Inc., whose local unit is Walmart de Mexico, both filed legal challenges against the law. He described the appeals as an effort to maintain favorable terms from the earlier regulation. "It's an affront," he said.

Walmart declined to comment, while Bimbo did not immediately respond to a request for comment.

The judge's suspension order said the freeze on the law had been requested by "two companies that carry out regulated activities in the electricity sector," without naming the firms. (Reporting by Adriana Barrera and Daina Beth Solomon; Editing by Dave Graham and Aurora Ellis)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
GRUPO BIMBO, S.A.B. DE C.V. 1.30% 48.33 End-of-day quote.11.77%
WAL-MART DE MÉXICO, S.A.B. DE C.V. -0.17% 66.55 End-of-day quote.18.88%
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Financials
Sales 2021 730 B 36 720 M 36 720 M
Net income 2021 43 178 M 2 172 M 2 172 M
Net Debt 2021 18 639 M 938 M 938 M
P/E ratio 2021 26,8x
Yield 2021 2,45%
Capitalization 1 161 B 58 276 M 58 419 M
EV / Sales 2021 1,62x
EV / Sales 2022 1,50x
Nbr of Employees 228 499
Free-Float 29,5%
Chart WAL-MART DE MÉXICO, S.A.B. DE C.V.
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Wal-Mart de México, S.A.B. de C.V. Technical Analysis Chart | WALMEX * | MX01WA000038 | MarketScreener
Technical analysis trends WAL-MART DE MÉXICO, S.A.B. DE C.V.
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TrendsBullishNeutralBullish
Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 20
Last Close Price 66,55 MXN
Average target price 67,51 MXN
Spread / Average Target 1,44%
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Managers and Directors
Guilherme Loureiro President, Chief Executive Officer & Director
Milton Brandt Chief Financial Officer
Enrique Ostalé Cambiaso Executive Chairman
Beatriz Nunez Head-Growth & Information Technology
Alonso Yanez Chief Information Officer
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