Monday, August 30, 2004

Southern to Merge? Reuters reports that Southern Peru Copper Corp said a merger with a subsidiary of its parent company Grupo Mexico "would bring 'big benefits' -- a claim contested by union leaders who have threatened a strike this week unless the company hikes pay and rejects the merger plan." CITED: Union leader Elmer Gallegos who said that "miners want an 8 percent pay rise, above Peru's annualized inflation rate of 4.61 percent, to take their pay to 81 soles ($24) a day." ALSO: Southern's President Oscar Gonzalez told Reuters in May a merger would create a company "that is worth double what Southern is worth right now."

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