Aeromexico's government-owned holding company is planning a public auction to sell the airline by September.
As with last year's Mexicana sale, the holding company - formerly called Cintra but now known as Consorcio Aeroméxico - is setting a schedule for bidders to file claims of interest and become qualified during August, and then submit bids in September. Bidders must comply with Mexico's 25% foreign ownership cap.
Even though Aeromexico reported a $33 million operating loss for the first quarter, it claims a financial analysis based on the same criteria as Mexicana's sale shows Aeromexico should sell for $270 million, compared with Mexicana's $165 million. A favourable tax ruling in March could also boost the price.
Aeromexico's regional carrier, Aerolitoral, and other subsidiaries will be part of the sale. ■
Source: Airline Business