Businessmen extend bid for Aeromexico |
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Tue, 18 Sep 2007 18:35
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MEXICO CITY (AP) - Mexican businessmen Moises Saba Masri and Alberto Saba Raffoul have extended their tender offer for Mexican airline Consorcio Aeromexico SAB to the end of the month, the company announced in a filing with the Mexican Stock Exchange.In the announcement Monday night, Aeromexico said the Sabas' offer of 1.10 pesos ($.10; .07 euros) a share, or $98 million (70 million euros) for up to 100 percent of the airline's 992.4 million shares has been pushed back to Sept. 30. The original offer launched last month was set to expire Tuesday.Last Friday, a trust run by Citigroup Inc.'s local banking unit Banamex launched a counteroffer of 1.68 pesos ($.15; .11 euros) a share, or $150.4 million (108 million euros) for Aeromexico.The Citigroup offer is open until Oct. 15 and could be extended until Nov. 30. Banamex's brokerage unit is acting as the intermediary in the transaction.Both offers are contingent on the federal government selling some or all of its 62 percent stake in Aeromexico. The government had said that it would sell the shares through a public offer unless a buyer emerged.Aeromexico and rival airline Mexicana were part of government-owned holding company Cintra SA, which put the two carriers up for sale in 2005.That same year, the government sold its stake in Mexicana to hotel group Grupo Posadas SA, but postponed the sale of Aeromexico after failing to get what it considered to be an adequate offer.Mexico's Federal Competition Commission said then that the carriers should be sold separately to generate competition in the domestic airline market.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Aeromexico shares soar on new bid 