The actions of Aeromexico, one of the largest airlines in the country, collapsed this Friday for the second consecutive day after a public offer to acquire its shares that was poorly received by investors.
Their titles lost 34.09% to 1.10 pesos in the Mexican Stock Exchange, a setback less than that of the day before, when the fall was 52% and closed at 1.79 pesos.
Aeroméxico reported Thursday that a company unrelated to the firm will initiate procedures for a voluntary public offer for the acquisition of shares (OPA), part of its financial restructuring process.
He added that the titles held by Delta Airlines will not be part of the OPA. Therefore, the offer will be made for 331 million shares, which is equivalent to 49% of the company’s current capital.
The company added that the proposal considers paying a peso cent for each of Aeroméxico’s outstanding shares, and that the transaction will allow for new capital contributions.
It is one more step in the restructuring process that the company is undergoing under Chapter 11 of the bankruptcy law of the United States, after it was hit hard by the pandemic of the Covid-19.
Analysts expect Aeroméxico shares to face a period of high volatility until the takeover bid is concluded and the agreements established in the restructuring plan are reached.
Other airlines in the region have also received punishment from the markets by announcing their restructuring plans.
The shares of the Chilean-Brazilian airline LATAM airlines -considered the largest in Latin America- fell 45% on November 29, two days after the company announced a financial reorganization plan for 8.190 million dollars in its effort to get out of the crisis caused by the pandemic.
