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Banamex investment group reaffirms investment plans after winning bid for Aeromexico.

AIRLINE INDUSTRY INFORMATION-(C)1997-2007 M2 COMMUNICATIONS LTD

IPAB, a deposit insurance agency that owns a 62% stake in the Aeromexico airline, has accepted an offer for the stake from an investment group led by Banamex, a unit of Citibank Inc.

The investment group reportedly made a USD249m takeover bid after a bidding war between the group and a father-son team of businessmen, Moises Saba Masri and Alberto Saba Raffoul, The Associated Press reported.

PABA Mexican government agency reportedly accepted the MXN2.7 per share offer for Consorcio Aeromexico SAB because as it was the highest bid submitted before a 16:00 local time deadline. An increased offer from the Sabas reportedly came in 2 minutes and 42 seconds after the deadline and was too late to be accepted.

The Banamex group has reaffirmed its promise to invest USD240m in the carrier in the next 90 days.

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Publication:Airline Industry Information
Date:Oct 18, 2007
Words:159
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