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Home Travel News

Delta announces launch of cash tender offer to acquire additional shares of Grupo Aeromexico

Morgan Durrant by Morgan Durrant
February 14, 2017
in Travel News
Reading Time: 2 mins read
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Delta Air Lines Announces 2018 September Quarter Profit
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The FINANCIAL — Delta Air Lines on February 13 launched a cash tender offer through the Mexican Stock Exchange to acquire up to an additional 32 percent of the outstanding capital stock of Grupo Aeroméxico S.A.B. de C.V. for MXN $53.00 per share.

The difference from the previously announced tender price of MXN $43.59 is the result of interim exchange rate movements and other factors. Completion of the cash tender offer is subject to certain conditions including acceptance of the offer by holders of at least twenty-five percent (25%) of the outstanding shares of Grupo Aeroméxico and receipt of required antitrust approvals in Mexico, according to Delta.

Currently, Delta owns approximately 4.2 percent of the outstanding shares of Grupo Aeroméxico and holds options to acquire an additional 12.8 percent. If fully subscribed, following completion of the tender offer, Delta would own and/or have options to acquire up to a total of 49 percent of the outstanding shares of Grupo Aeroméxico.

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“This is the next step in expanding our longstanding relationship with Aeromexico, a partnership built on our shared commitment to our customers in the U.S. and Mexico,” said Ed Bastian, Delta’s Chief Executive Officer. “The tender offer and investment will further strengthen the relationship that will be established when our joint cooperation agreement is implemented in the second quarter.”

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Delta and Aeroméxico launched their first codeshare in 1994. In 2011, Delta entered into an enhanced commercial agreement with Aeroméxico, and in 2012, Delta invested USD $65 million in shares of Grupo Aeroméxico, the parent company of Aeroméxico. In March 2015, Delta and Aeroméxico entered into a joint cooperation agreement relating to flights between the United States and Mexico and the parties filed an application with the U.S. Department of Transportation (DOT) seeking approval of the agreement and immunity from the United States antitrust laws for the joint cooperation. The agreement also was submitted for approval to the Mexican antitrust authorities, the Mexican Comisión Federal de Competencia Económica (Federal Economic Competition Commission or COFECE). In April 2016, COFECE issued its resolution regarding the proposed joint cooperation agreement, through which, the authorization of this agreement was subject to the acceptance of and compliance with certain requirements. In December 2016, the DOT issued a final order granting approval of, and immunity from the United States antitrust laws with respect to, the joint cooperation agreement, subject to certain conditions. Delta and Aeromexico have accepted the conditions required by COFECE and DOT and are in the process of implementing the required remedies.

 

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