Carlos Slim, Latin America’s richest person, increased his investment in Talos Energy Inc., a U.S. oil and gas company, this week following its founder and CEO’s abrupt exit, which caused a share price decline.
Slim purchased almost 2.7 million shares this week for slightly more than $30 million via his holding company Control Empresarial de Capitales, according to a Talos filing late Thursday. This increases his overall interest in the company to 23.8%, firmly establishing him as the major stakeholder.
Slim has continuously increased his stakes in Talos and US refiner PBF Energy Inc. over the last year, indicating that the 84-year-old tycoon sees plenty of opportunities in the oil and gas industry. Slim has collaborated with Talos to investigate one of Mexico’s most exciting new discoveries in decades.
Tim Duncan, who was also a co-founder of the company, resigned on August 29, according to a statement released the next day by Talos. Board member Joseph Mills is overseeing the Gulf of Mexico oil exploration on an interim basis while Talos searches for a permanent replacement.
Shares fell 3.9% on the day of the announcement. A Slim family official stated last week that Duncan’s departure from the company was unexpected.
According to a filing, Control Empresarial de Capitales purchased around 2 million additional shares of PBF this week, bringing its stake to 17.6% in the Parsippany, New Jersey-based refinery. The shares have fallen every day this week and are now trading at their lowest level in almost a year.
While Slim’s fortune has decreased 17% this year to $87 billion, owing primarily to the depreciation of the Mexican peso, he has been busy, taking on a new position at UK telecom business BT Group PLC and growing his participation in a Chilean telecom venture through America Movil SAB de CV.