Mexico. The paint manufacturer Comex considers that it will be the International Court of Arbitration of the International Chamber of Commerce (ICC) that will set the cost of compensation for the damages that could have caused the breach of the contract of purchase and sale of shares that they had agreed in 2013 with the American company Sherwin Williams.
As reported by the newspaper AM of Mexico, the CEO of Comex, Marcos Achar Levy, stressed that his company did not make a request for compensation to Sherwin Williams after having sued before the ICC on May 14, considering that the American did not make the required efforts to obtain the approval of the Federal Commission of Economic Competition (Cofece) to achieve the purchase of Comex.
This operation was worth US$2.34 billion. According to Comex sources, the process for the ICC to announce a ruling on the case could take between 6 and 9 months.
Comex confirmed that it is not interested in selling, but if it receives offers it will analyze them. At the moment the company has planned for the near future the opening of 200 new points of sale throughout the Mexican territory.
