April 21, 2021

Mexico suspends the work of FCC and Acciona at the airport during Sánchez's visit

Mexico suspends the work of FCC and Acciona at the airport during Sánchez's visit


Mexico CityUpdated:

The consortium in which FCC and Acciona participate to build the terminal of the new airport in Mexico City was notified of the temporary suspension of the work. Through a letter, the Airport Group of the City of Mexico (GACM) -the public entity in charge of the work- informed the group of companies that should stop the construction of the budgeted project in 84,828 million pesos (about 3,800 million euros), as published by the newspaper «Reforma».

The news comes just during the official visit of the President of the Government, Pedro Sánchez, to Mexico to strengthen bilateral relations. On his Wednesday visit, Sánchez met with the president of Mexico, Andrés Manuel López Obrador, and discussed the interests of Spanish companies in the Latin American country, where Spain is the second largest investor after the United States. «We have talked on the theme of the airport"Said Lopez Obrador," there is understanding and understanding about the policy we follow, "added the Mexican.

The new Government of Mexico, which began on December 1, 2018, canceled the construction of the mega-project of 11,400 million euros in early January, in which other Spanish companies participated, such as Sacyr and Aldesa. Sacyr had signed a contract for 62.5 million euros to build the airport, while Aldesa was part of a consortium to build the control tower for some 53 million euros.

For the moment, the GACM has canceled 10 of the 450 contracts awarded through public tenders, which represents approximately 85% of all the construction works signed to build the work. The entity, however, has not detailed which agreements were terminated, although the terminal contract represents 33% of the total budget of the airport.

With respect to the consortium's contract to build the FCC and Acciona terminal, controlled by the Carlos Slim Group of businessman Carlos Slim, the GACM has placed the agreement on temporary suspension until it defines the future of the project, since Mexico is in a process of buy back the more than 7,500 million dollars that issued in the markets to finance the project. The objective of López Obrador is to buy back all the debt in order to avoid any type of demand for breach of contract by investors.

On the one hand there are about 6,000 million dollars that issued bonds and were acquired by international investors to finance the work. From this package, the country has reached an agreement to buy back 1,800 million dollars. On the other hand, the Mexican government plans to repurchase in February the 30,000 million pesos (about 1,500 million dollars) that it obtained in March 2018 for the sale of stock certificates through a type of financial instrument called Fibra E.

The work is completed at 30% and began in February 2015 during the government of then President Enrique Peña Nieto (2012-2018). However, López Obrador left the future project in the hands of citizens through a referendum in October 2018. Approximately 69.9% of voters opted to suspend the work, although only 1.7 million Mexicans (a 1.9 % of the electoral census) participated in the voting. A few days later López Obrador promised to abide by the results obtained in the polls and cancel the construction of the gigantic work.

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