Mexico's president offers to buy US company's coastal property for $375 million to end dispute
Mexico’s president says he has offered to buy an American company’s Caribbean coast property for $385 million to end a bitter, years-long dispute MEXICO CITY -- Mexico’s president said Thursday that he has offer ed to buy an American company ’s Caribbean coast property for about $385 million to end a bitter, years-long dispute . President Andrés Manuel López Obrador said a formal offer would be presented to Alabama-based Vulcan Materials. The company operated gravel extraction pits at the Yucatan peninsula site before López Obrador's administration closed them. The company said it had not yet received the president's proposal or responded to the idea. In papers filed for a case before an international arbitration panel, Vulcan Materials valued the almost 6,000-acre (2,400 hectare) property, located just south of the resort town of Playa del Carmen, at $1.9 billion. López Obrador said his much lower offer was fair and based on a government assessment. He said the most attra...