What 2 Mexican Billionaires Together Can Do for You Andrea Navarro - Bloomberg
go to original July 2, 2015

Billionaire Carlos Slim  (Chris Goodney/Bloomberg)

One man is the richest in Mexico. His partner, another billionaire, delivered the country’s best stock returns during his nine years as chairman of a chemical company. Together, they make even a cement company seem glamorous.

Elementia SAB, jointly owned by Carlos Slim and Antonio del Valle Ruiz, plans to raise about 4.5 billion pesos ($290 million) in an initial public offering on July 9. The two men aim to use the proceeds from the share sale to acquire smaller rivals and build up a competitor to Cemex SAB, the biggest cement maker in the Western Hemisphere.

It will be the first cement IPO in Mexico in at least 15 years, and also the first time traders can invest alongside the two billionaires in a single stock. Slim, who built a $68 billion fortune in telecommunications, hasn’t taken one of his companies public since restaurant chain Grupo Sanborns SAB’s IPO in 2013. Del Valle led Mexichem SAB to a 76-fold stock return from 2002 through 2011.

“Individually, the two of them are well-recognized in the market,” said Monex analyst Fernando Bolanos in a phone interview. “They’re no amateurs.”

Elementia, which also produces metals, plastics and construction materials, traces its roots to 1932 and a company called Eureka Mexico. It’s Mexico’s fifth-biggest cement maker. Del Valle controls 51 percent, while Slim owns 49 percent.

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