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
Climate change will doom the human race, experts say
THE WASHINGTON POST Climate change is.
Scottish company makes car fuel from whiskey waste
EDINBURGH, SCOTLAND October 21, 2021 (Reuters).
The Municipal Institute for Women celebrates its 20th anniversary in Mérida
Merida, Yucatan, (October 21, 2021).- “The.
There are 1,252 confirmed buyers for the Tianguis Turístico 2021 in Mérida
After the pause due to the.
21 minors have died from Covid-19 since the pandemic began in Yucatan
Mérida, Yucatán, (October 21, 2021) .-.
Disney launches Minnie Catrina, a ‘declaration of love’ to Mexico
The company explained that like its.
5 Things to Know About the Cancun Underwater Museum the MUSA
October 20, 2021.- Known locally as.
“I did what I had to do, I acted in a professional way,” Marcelo Ebrard said
MEXICO CITY, Oct 19 (Reuters) –.
US Congressmen ‘explode’ against AMLO’s electric reform
The congressmen warned that it represents.
In 20 of 32 Mexican states, the epidemiological traffic light is in green
Mexico City, Mexico — Twenty of.