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Delta Air Lines has positioned itself to increase its stake
from less than 5 percent to as much as 49 percent.
Delta has made a cash tender offer of MXP$43.59 per share (US$2.63)
for up to 32 percent of Grupo Aeroméxico’s outstanding capital stock. The offer is pending
regulatory approval from the United States and Mexico, as well as the boards of
Via a $65 million investment in 2012, Delta owns 4.1 percent
shares, along with an option to acquire an additional 8.1 percent. Its pension
trust also has options to acquire an additional 4.6 percent.
The two carriers, both SkyTeam members, have cooperated
since their first codesharing agreement in 1994. Earlier this year, Delta and
also filed for antitrust
immunity to create a $1.5 billion joint venture so they can plan services
and set fares.
A 49 percent stake would bring Delta’s investment up to par
with the 49 percent Virgin Atlantic stake it acquired in 2012. The carrier invests
in several other carriers around the world, including China
Eastern Airlines and Brazilian low-cost carrier Gol.