Mexico’s president offers to buy U.S. company’s coastal property for $375 million to end dispute

MEXICO CITY (AP) — Mexico’s president says he has offered to buy an American company’s Caribbean coast property for $385 million to end a bitter, years-long dispute. President Andrés Manuel López Obrador said Thursday that a format offer would be presented to  Alabama-based Vulcan Materials. The company operated gravel extraction pits at the site before López Obrador’s administration closed them. Vulcan Materials says it hasn’t received the president’s proposal. In papers filed for a case before an international arbitration panel, the company valued the almost 6,000-acre (2,400 hectare) Yucatan peninsula property at $1.9 billion. The dock at the site would be useful for transporting materials for the president’s massive train construction project, known as the Maya Train.