Aeroméxico (AM, México City International) has announced that its board has accepted a Delta Air Lines (DL, Atlanta Hartsfield Jackson) offer to acquire up to 32% of the Mexican carrier's total shareholding. Earlier this month, the US carrier said in a statement that it was prepared to pay MXN53.00 peso (USD2.66) per share, an offer AeroMexico described as fair.
"The members of the Board, shareholders and the general director, expressed their decision to participate in the offer, in the terms announced, assuming that the circumstances are maintained," the airline said in a filing to the Bolsa Mexicana de Valores.
As previously reported, 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.
Meanwhile, Mexico's Chamber of Deputies has begun the process of ratifying a change in the country's investment laws governing foreign ownership of local carriers.
A statement issued on Tuesday, February 21, indicates the House has issued an opinion on proposed amendments to Article 7 of Mexico's Foreign Investment Law. If passed, as expected, the change will increase the limit of how much foreign firms can own in local airlines from the current 25% to 49%. The bill's next reading is scheduled for Thursday, February 23.
