(Bloomberg) – Carlos Slim, Latin America’s richest person, boosted his stake in U.S. oil and gas producer Talos Energy Inc. this week in the aftermath of a surprise exit by its founder and chief executive officer that sparked a drop in shares.
Talos Energy’s Zama development
Through his Control Empresarial de Capitales holding firm, Slim bought about 2.7 million shares this week for just over $30 million, according to a Talos filing late Thursday. That brings his overall stake to 23.8% of the firm, cementing his position as the largest shareholder.
Slim has consistently ramped up his investments in Talos and US refiner PBF Energy Inc. over the past year in a sign that the 84-year-old billionaire sees plenty of upside in the oil and gas industry. In his native Mexico, Slim has partnered with Talos to explore one of the country’s most promising new discoveries in decades.
Tim Duncan, who was also one of the company’s founders, stepped down on Aug. 29, Talos said in a statement the following day. Board member Joseph Mills is running the Gulf of Mexico oil explorer on an interim basis while Talos looks for a permanent successor.
Shares dropped 3.9% on the day of the announcement. A representative for the Slim family said last week it had no prior notice Duncan was about to leave the company.
Control Empresarial de Capitales also bought about 2 million additional shares of PBF this week, according to a filing, and now holds 17.6% of the Parsippany, New Jersey-based refiner. The shares have slid every day this week and are trading at the lowest in more than a year.
While Slim’s fortune has fallen 17% this year to $87 billion, largely due to the devaluation of the Mexican peso, he’s been active, taking a new position in UK telecom firm BT Group PLC and increasing his stake in a Chilean telecom venture through America Movil SAB de CV.
This article was originally posted at www.worldoil.com
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