Walmart's Mexico Unit Says Antitrust Probe Against It Is Flawed [BNN Bloomberg (Canada)]
Fomento Economico Mexicano S.A.B. de C.V. (FMX)
Last fomento economico mexicano s.a.b. de c.v. earnings: 10/26 05:05 pm
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Source: BNN Bloomberg
In a rare press conference Tuesday, newly appointed Chief Executive Officer Ignacio Caride said the investigation at the agency, known as Cofece, lacked transparency. To illustrate the point, he said that the company received a version of the agency's report in which 201 of 562 pages were redacted. The findings, produced by Cofece's investigations unit, were presented to the agency's board to inform a final decision. Walmex, as the company is known, is one of Mexico's biggest employers. Its staff of around 200,000 workers, coupled with revenue that totaled nearly 890 billion pesos ($45.9 billion) in 2023, make the company a major player in Mexico's economy and business landscape. The company announced Cofece's probe in late 2020 and has spent the last four years responding to inquiries for information from the agency. Alberto Sepúlveda, who oversees legal affairs for Walmex, said the probe was flawed and Walmex was running up against an “activist” watchdog that didn't allow the c
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