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    Grupo Aleman backs out of Oceanografia deal

    Company News // October 16, 2014

    Reuters reports that Mexico's Grupo Aleman will not go ahead with its planned acquisition of troubled oil services company Oceanografia.

    The company had decided to make the acquisition as part of Oceanografia's bankruptcy process, but changed its mind because of Oceanografia's unexpectedly large debt, Grupo Aleman President Miguel Aleman said.

    "The total debt ... was higher than had been originally discussed and that changed things a lot," Mr Aleman said. "Based on that information and our meetings, the board decided not to go ahead with the proposed acquisition."

    Reuters said the deal, announced last week, had been subject to a series of conditions including reaching agreement with Oceanografia's creditors and other interested parties.

    Oceanografia is at the centre of a loan scandal that cost Citigroup more than US$500 million. The company was seized by Mexico's government in February after it was suspended from public contracting and accused of defrauding Citigroup's local unit, Banamex.

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