MEXICO CITY -(Dow Jones)- Mexican mining and railroad company Grupo Mexico SAB (GMEXICO.MX) said Monday it plans to make an offer to acquire airport operator Grupo Aeroportuario del Pacifico SAB (GAP.MX), or GAP, via a public offering.
In a filing with the Mexican stock exchange, Grupo Mexico said since it intends to acquire more than 30% of the airport group, local securities laws require that it offer to buy up to 100% of GAP's publicly traded shares. Grupo Mexico said under the offer, approved by its board, it plans to pay no more than 50 pesos ($4.24) per share.
The offer is subject to regulatory approvals.
Grupo Mexico, which operates mines in Mexico, Peru, and the U.S., as well as railways in Mexico, said it hopes that the GAP management will recommend shareholders accept its offer. GAP runs 12 airports in Mexico, including the airport at Guadalajara, the country's second most populous city, Tijuana, across the U.S. border from San Diego, and a number of tourist destinations.
Grupo Mexico said in the event it obtains less than 51% of GAP shares, it will consider whether to continue with share purchases, or sell the shares it already has in GAP.
Grupo Mexico and Grupo Aeroportuario del Pacifico filed a joint bid recently to build and operate an airport together in Tulum, just south of Cancun, although bids for the project were rejected by the government.
GAP series B shares trading on the Mexican stock market closed Monday at MXN47.31. Grupo Mexico B shares closed at MXN38.37.
amy.guthrie@dowjones.com
Copyright ? 2011 Dow Jones Newswires
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