Delta Air Lines has positioned itself to increase its stake
in Aeromexico from less than 5% to as much as 49%.
Delta has made a cash tender offer of approximately $2.63 per share for up to 32% of Grupo Aeromexico’s outstanding capital stock.
The offer is pending regulatory approval from the United States and Mexico, as
well as the boards of both carriers.
Via a $65 million investment in 2012, Delta owns 4.1%
of Aeromexico’s shares, along with an option to acquire an additional 8.1%. Its pension trust also has options to acquire an additional 4.6%.
The two carriers, both SkyTeam members, have cooperated
since their first codesharing agreement in 1994. Earlier this year, Delta and
Aeromexico also filed for antitrust immunity to create a $1.5 billion joint
venture so they can plan services and set fares.
A 49% stake would bring Delta’s investment up to par
with the 49% Virgin Atlantic stake it acquired in 2012. The carrier is
invested in several other carriers around the world, including China Eastern
Airlines and Brazilian low-cost carrier Gol.
___
Source: Business Travel News