{
  "id": 15948931,
  "title": "Grupo Mexico drops out of Argentine rail privatisation in setback for Milei",
  "url": "https://urgent.news/2026/10/21/grupo-mexico-drops-out-of-argentine-rail-privatisation-in-setback-for",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-21T19:59:52.000Z",
  "source": {
    "name": "Buenos Aires Times",
    "slug": "buenos-aires-times",
    "url": "https://www.batimes.com.ar/news/economy/grupo-mexico-drops-out-of-argentine-rail-privatisation-in-setback-for-milei.phtml"
  },
  "original_language": "en",
  "account": "Mexican billionaire Germán Larrea’s conglomerate Grupo Mexico has withdrawn from bidding for Argentina’s cargo rail network, marking a setback for President Javier Milei’s privatization efforts. Grupo Mexico secured US support and partners in its bid to invest in the state-run Belgrano Cargas SA, but was ultimately unsuccessful in its attempt to align with Milei’s preferred rail model. The company confirmed its decision to drop out without providing further details. The privatisation of Belgrano Cargas, which owns about 14,000 kilometres of freight rail across Argentina, has been an ongoing process that began in October 2024. Milei wants to privatize the rail system as part of a broader economic overhaul to boost exports and reduce logistical costs. The open access model, which would allow multiple freight companies to operate on the same track, was a key point of contention for Grupo Mexico, who deemed it a dealbreaker. Despite the government’s deregulation campaign, the open access law stipulating the cargo rail must operate under open access if privatized has been maintained, as it aligns with the principles and values of the government. Grupo Mexico's withdrawal leaves only one other top contender - a consortium including a local Argentine rail operator and grain exporters led by Cargill Inc and Bunge Global SA.",
  "summary": "Grupo Mexico SAB drops out of the race to take over state-run Belgrano Cargas SA, a setback for President Javier Milei’s efforts to lure investment through privatisations. Leer más",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}