The largest producer in the world of tequila Jose Cuervo (Becle) decided to postpone its IPO on the stock exchange in Mexico after winning the US presidential election, Donald Trump, Reuters reported citing informed sources.
Implementation of Trump's plans - including a renegotiation of the free trade agreement with Canada and Mexico, NAFTA or its complete cancellation - may adversely affect the Mexican economy and the market. From the day of the election the main Mexican stock index fell more than 7%, transmits RNS.
Jose Cuervo filed papers for an IPO on the Mexican stock exchange in September. According to sources, the volume of initial public offering could total up to $ 1 billion. The funds were to be used to finance the growth and expansion of its asset portfolio. Currently in its portfolio, besides the tequila - Kraken rum and Bushmills whiskey.
It is not clear what could be the delay, but, as noted by one of the sources, if the IPO will be postponed for a period after February, the company will need to prepare an updated prospectus for investors (including the latest financial information) - and it may cause new backstay .
According to sources, Jose Cuervo re-examine the possibility of an IPO in January, when it will be easier to evaluate the impact on the markets in the coming of the White House Donald Trump.
Jose Cuervo declined to comment.
Earlier, the company was waiting for the completion of the election campaign in the US, counting on reducing volatility in the market.
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