Mexico's president offers to buy US company's coastal property for $375 million to end dispute
https://www.yahoo.com/news/mexicos-president-offers-buy-u-192353636.html
Updated Thu, July 27, 2023 at 8:44 PM EDT
MEXICO CITY (AP) Mexicos president said Thursday that he has offered to buy an American companys Caribbean coast property for about $385 million to end a bitter, years-long dispute.
President Andrés Manuel López Obrador said a formal offer would be presented to Alabama-based Vulcan Materials. The company operated gravel extraction pits at the Yucatan peninsula site before López Obrador's administration closed them.
The company said it had not yet received the president's proposal or responded to the idea. In papers filed for a case before an international arbitration panel, Vulcan Materials valued the almost 6,000-acre (2,400 hectare) property, located just south of the resort town of Playa del Carmen, at $1.9 billion.
López Obrador said his much lower offer was fair and based on a government assessment. He said the most attractive part of the property was the freight shipping dock, which he plans to turn into a dock for cruise ships. snip - Read lots more at the link.
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Hmmmm...seems a real low-ball offer...but don't know the history of this dispute. President Obrador's got some interesting future ideas for infrastructure and tourism, but doesn't President Obrador have more important issues to consider? People seem to want to leave Mexico.
Adding yet another headache for Joe's US State Dept?
Anyone got more insight on this?