Grupo Mexico Withdraws Bid for Argentina Cargo Rail Network

Grupo Mexico SAB, the conglomerate owned by billionaire German Larrea, withdrew its bid to take over Belgrano Cargas SA on Wednesday. The company had spent more than a year lobbying Argentine officials to modify the proposed privatization model for the state-run cargo rail network.

To strengthen its position, the company secured partners and sought support from the United States, attempting to leverage President Javier Milei's relationship with the administration of President Donald Trump. Despite these efforts, the conglomerate failed to reach an agreement with the Argentine government.

The withdrawal marks a setback for President Milei's broader economic strategy, which relies on attracting foreign investment through the privatization of state assets.