Mexico’s Excuses After Withdrawal From Sale
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The Mexican government’s decision to withdraw the sale of its petrochemical industry and its railroad holdings (“Canceled Oil Sale May Deter Investors,” Oct. 15) has, according to international authorities, a common nexus: their grossly inflated asking price.
In the opinion of potential buyers, to bring these corporations up to international competitive standards would require huge investments. Such investments would be prohibitive in light of the asking price. In order to diminish the impact of this embarrassing decision, the Mexican government has taken a face-saving escape by claiming that this withdrawal was based on “popular demand.” The political history of that country reveals that its government seldom is influenced by “popular demand” . . . much less that it would yield to such demands.
ARTURO G. OVIEDO
Los Angeles
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