Mexicana Airlines’ parent company is the latest investor to bid on Aeromexico and its holding company Consorcio Aeromexico.
Grupo Mexicana’s bid is for at least 51% and as much as 100% of Aeromexico’s shares. It is offering 2.19 pesos per share, which translates into 2.17 billion pesos (about $200 million) for the entire Aeromexico share package.
Grupo Mexicana says its offer is 25% higher than the next highest offer made by other investor groups on the stock exchange.
“Merging these two companies into one single aeronautical group will boost their profitability, enabling them to offer reliable transportation alternatives at an attractive price and guaranteeing job stability for their employees in the long term”, says Grupo Mexicana chairman Gaston Azcarraga in a statement.
“We want to put together the aeronautical group this country deserves. What we are proposing is a restructuring of the market that will ensure the survival of these two flagship airlines. We want to strengthen them and we know how to”.
Aeromexico’s sale has been in the works since Mexicana was acquired for $154 million. After repeated delays, the government this year announced that it would sell its 62% stake in Aeromexico’s holding company through a public offering unless a buyer emerged. The government hopes to complete a deal this month.
A group of investors consisting of Mexican bank Banamex reportedly raised their bid to 1.7569 pesos per share following the Grupo Mexicana announcement. Banamex’s offer runs through October 15.
Local businessmen Moises Saba and Alberto Saba in August made an initial offer to acquire between 62% and 100% of the airline’s shares, paying 1.1 pesos per share. This valued the company at about $100 million, which Aeromexico described as “reasonable”.
Aeromexico then confirmed that the Saba family increased its offer by around 60% in response to the Banamex consortium’s bid.
Source: Air Transport Intelligence news
Source: FlightGlobal.com
