Cargill and Banca Afirme eye AHMSA asset auction

Cargill and Banca Afirme are considering forming a consortium to submit a joint bid for the assets of Altos Hornos de México (AHMSA) during its bankruptcy auction. Acting as preferred creditors, the two entities may finalize this alliance within the next three months.

According to Víctor Manuel Aguilera, the bankruptcy trustee, Judge Ruth Huerta has ruled that both creditors may join the six qualified bidders previously identified in September. To participate, the consortium must provide a “seriousness guarantee” deposit of 53 million USD (approximately 1 billion pesos).

This development follows previous attempts by businessman Julio César Villarreal, president of both Grupo Financiero Afirme and the steel company Villacero, to acquire AHMSA. Four years ago, Villarreal led the Alianza Minerometalúrgica Internacional consortium in an attempt to purchase 55 percent of AHMSA's shares, though that agreement was terminated by the steelmaker in September 2021.