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
Atlantic Hurricane Season 2022 to start June 1st
Federal meteorologists are forecasting a record-shattering.
Switzerland has a high rate of gun ownership, but no mass shootings
Switzerland hasn’t had a mass shooting.
Two women arrested in Arizona in possession of 500 thousand fentanyl pills
Two women were arrested after about.
Seven migrants dead and 25 injured in a bus accident
Authorities in northern Mexico said Wednesday.
Solar Panel business in the US is suddenly in crisis
An ongoing Department of Commerce investigation.
Ray Liotta, ‘Goodfellas’ star and gifted character actor, dies at 67
Ray Liotta, the actor best known.
Merida City Council presented the 2022 Forestry Crusade “In Harmony with Nature”
With the aim of continuing to.
Huge Flamboyán tree falls on top of a car in Ucú, Yucatán
A mother who went to pick.
Photographic essay: Colombia elections, a reality not too far away from Mexico’s
Colombia will host Presidential elections this.
Mérida and San Francisco outline projects to multiply the areas of opportunity
“As a Municipality, we work in.