Delta Air Lines Inc said on Monday Feb. 13 it plans to launch a cash tender offer to buy up to an additional 32 percent of Grupo Aeromexico SAB de CV’s stock at 53 Mexican pesos per share, valuing the deal at about $590 million.
The offer represents a premium of 34.4 percent to Aeromexico’s Friday share-price close.
The Mexican airline’s shares rose as much as 21.5 percent to 47.90 Mexican pesos in morning trading.
Delta, which already has a 4.2 percent stake in Aeromexico, had said in November 2015 it intended to buy the additional stake for 43.59 Mexican pesos per share.
Aeromexico had about 707.8 million shares outstanding as of Jan. 25, according to Thomson Reuters data.
The increase in the purchase price was the result of interim exchange rate movements and other factors, Delta said on Monday.
The Mexican peso has hit a series of record lows since the U.S. election on concerns that President Donald Trump could rip up a free trade deal with Mexico, which sends nearly 80 percent of its exports to its northern neighbor.
If Delta exercises the share purchase options it holds, the stake could rise to 49 percent, the company said.
more recommended stories
Through Facebook and WhatsApp, Mexican citizens from Tijuana have sparked hate against Central Americans
Through social networks such as WhatsApp.
AMLO’s security plan: Will it really bring the murder rate down?
On November 14th Mr López Obrador,.
Mexican officials quitting top jobs with AMLO set to take office in two weeks
According to Bloomberg, key Mexico officials.
“El Chapo’s” trial shows that not all is well in Mexican law enforcement …
According to THE ECONOMIST, CHIEF AMONG.
It’s official: Mexico will hold “referendum’ on 8 billion USD Maya Train Project
Mexico’s president-elect Andres Manuel Lopez Obrador.
Magic and color at León FIG 2018!
With an attendance of five thousand.
“Buen Fin” could leave an economic spill of 6 billion pesos in Yucatán: CANACO SERVYTUR
The business sector of the state.
American pastor joins the “Migrant Caravan” to find out the truth
Stephanie Martin, is a freelance journalist,.
Cancun has seen a 19% reduction in hotel prices from 2018 to 2019
If you’re a British traveler looking.
Trova International Festival to be held in Yucatan Dec. 14-16
A couple of weeks after the.