Delta Air Lines (DL, Atlanta Hartsfield Jackson) has once more announced plans to acquire up to an additional 32% stake in the outstanding capital shareholding of Grupo Aeroméxico S.A.B. de C.V. through a cash tender offer of MXN53.00 peso (USD2.606) per share. Delta said in a statement the difference from the tender price of MXN43.59, announced in November 2015, is the result of interim exchange rate movements and other factors.
The US carrier currently owns approximately 4.1% of the outstanding shares of Grupo Aeroméxico with an option to acquire an additional 8.1%. The Delta pension trust holds additional options to acquire approximately 4.6% of Grupo Aeroméxico. Following completion of the tender offer, Delta and the Delta pension trust would collectively own and/or have options to acquire up to a total of 49% of the outstanding shares of Grupo Aeroméxico.
"This new investment demonstrates Delta's confidence in Mexico's future and deepens our relationship with Aeroméxico, cementing Delta's long-term commitment to the customers we serve to, from and through Latin America," Delta President Ed Bastian said in a statement.
Delta intends to commence the tender offer once required regulatory approvals in Mexico and the United States have been obtained. As previously reported, Mexico's Chamber of Deputies will, later this month, vote on an amendment to increase the cap on foreign ownership of local airlines from the current 25% to 49%.
Completion of the cash tender offer is subject to certain conditions including acceptance of the offer by holders of at least twenty-five percent (25%) of the outstanding shares of Grupo Aeroméxico and receipt of required antitrust approvals in Mexico.
