Firms to Bid for Stake in Satelites Mexicanos

Hughes Electronics Corp., General Electric Co. and Loral Corp. plan to bid next month for 60% of Mexico’s Satelites Mexicanos system. Units of the three companies have qualified to bid for the system, whose three satellites cover most of North America and also Central America and part of South America, officials said. Industrias Penoles, a Mexican silver-mining company, is also a bidder, the ministry said. Satelites Mexicanos generates annual revenue of about $110 million. The winner of the auction, to be announced Nov. 7, will get an option to boost its stake to 75%. Loral’s Space & Communications division has taken a stake in a venture with Mexico’s Telefonica Autrey. GE’s American Communications Inc. and Los Angeles-based Hughes’ PanAmSat Corp. must find a Mexican partner by Sept. 22.