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 Business News | November 2005 
Mexico Gets Two Bids for Main Airlines
 AP
| | Interest in the country's two traditional airlines has waned as a number of prominent Mexican businessmen have opted instead to launch their own low-cost carriers. |
Mexico City - Mexico's government-run airline holding company, Cintra SA, said it had received two bids for each of its two main airlines, Mexicana and Aeromexico.
In a filing with the Mexican Stock Exchange, Cintra said two companies had made separate financial offers for each airline: Mexican hotel chain operator Grupo Posadas and Grupo Xtra, the holding company of Mexican businessman Isaac Saba Raffoul.
"The rest of the participants stated in the same event their desire to not continue in the process," the company said.
About five investor groups had remained in the bidding for the government's dominant shareholdings in the two airlines, after 10 groups were approved in August to participate.
The financial offers will be evaluated by Nov. 29, Cintra said. No group can buy both airlines, while foreigners are limited to a minority stake.
Interest in the country's two traditional airlines has waned as a number of prominent Mexican businessmen have opted instead to launch their own low-cost carriers.
The government acquired control of AeroMexico and Mexicana along with other assets seized in the bank bailout of the mid-1990s and created Cintra to manage them.
Posadas is Mexico's biggest hotel chain, operating 92 hotels in Mexico, Brazil and Argentina.
Grupo Xtra is the holding company that controls Grupo Casa Saba SA, one of Mexico's largest pharmaceutical distributors. |
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