Mexico’s richest man has added to his stake in Delaware City Refining Co. owner PBF Energy.
SEC filings indicate Carlos Slim increased his stake in the company from 8 percent to 12 percent.
Slim, who for a time was listed as the world’s richest man, earned the bulk of its fortune by gaining control of Mexico’s telecommunications industry after that nation’s government sold off its holdings.
He went on to invest in other enterprises, including retailers, in the U.S., Spain and elsewhere.
He is known for investing in what he views as undervalued companies. PBF, which owns five refineries, has seen its stock price drop from its 52-week high of $53 a share to $29.
PBF got its start by acquiring the Delaware City refinery from Valero during the depths of the 2009recession with part of its financial package coming from the State of Delaware.
The company, based in northern New Jersey, went on to purchase refineries in Paulsboro, NJ; Toledo, Ohio; Chalmette, LA and Torrance, CA.