Press "Enter" to skip to content

Aeroméxico shares plummet after announcement of public offer to acquire shares

Mexico City, Mexico — Aeroméxico shares have plummeted 40 percent after the announcement of a public offer to acquire shares. The announcement, which was made Thursday, saw the airline’s shares fall 40 percent to 2.2 peso.

Grupo Aeroméxico, which operates the largest airline in the country, said that a company not related to them will initiate procedures to carry out a voluntary public offer for the acquisition (OPA) of shares. The airline added that its partner, Delta Airlines, will not participate in the offer.

Like other airlines, Grupo Aeroméxico was hit hard by a collapse in demand due to the coronavirus pandemic and, in mid-2020, underwent a restructuring process under Chapter 11 of the U.S. bankruptcy law.

In a statement on the results of a shareholders’ meeting held the day before, the Mexican firm indicated that the OPA and other measures agreed at the meeting “are conducive to the conclusion of the voluntary restructuring process of the Company under Chapter 11” of a court in New York.

“A company, not related to the Company, will be initiating proceedings before the National Banking and Securities Commission and the Mexican Stock Exchange to carry out a public offer for the acquisition of shares, which will be voluntary,” they explained.

The offer would be made at 1 Mexican peso for each of Aeroméxico’s outstanding share, a process that does not include Delta Airlines, they added.