Delta intends to acquire an additional 32% of Grupo
Aeromexico, launching a cash tender offer of 53 pesos per share through the Mexican
Stock Exchange.
Currently, Delta owns approximately 4.2% of Aeromexico's outstanding
shares and holds options to acquire an additional 12.8%. The current cash offer
could increase Delta's ownership to 49%.
Delta made an initial $65 million investment in Aeromexico
in 2012. The partners are scheduled to implement a joint-venture agreement in
the second quarter that is immune from U.S. antitrust laws. The partners had to
surrender takeoff and landing slots in New York and Mexico City as a condition
for approval.