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Cintra News: AM/MX Sale Process  
User currently offlineJJJM From United States of America, joined Mar 2000, 225 posts, RR: 0
Posted (8 years 8 months 3 days 3 hours ago) and read 4057 times:

Hi everyone...

I just thought we should open a new tread.

Today, it´s going to be a very important day for Mexican Aviation.

I don´t have any additional information on this topic, but I know we will soon have lot´s of news and multiple discussions.

Good luck AM and MX....wish you the best.

Regards

JJJM

78 replies: All unread, showing first 25:
 
User currently offlineNavega From United States of America, joined Nov 1999, 741 posts, RR: 0
Reply 1, posted (8 years 8 months 3 days 2 hours ago) and read 4037 times:

I just read that the Aeromexico Director General is out. Can someone confirm this???

User currently offlineJJJM From United States of America, joined Mar 2000, 225 posts, RR: 0
Reply 2, posted (8 years 8 months 3 days 2 hours ago) and read 4029 times:

Where did you read that?

User currently offlineEddieDude From Mexico, joined Nov 2003, 7561 posts, RR: 43
Reply 3, posted (8 years 8 months 3 days 2 hours ago) and read 4026 times:

I agree. Thanks for opening the thread.

I read a few hours ago an article that mentioned that Globalia (Air Europa's parent) was unable to participate in the bidding because its Mexican partner, Grupo Ángeles (Hoteles Camino Real's parent), decided at the last minute to withdraw from the race. Nevertheless, UX will begin talking to the bidder who is adjudicated the AM shares as soon as possible after the announcement, because they are very interested in investing in AM. On the other hand, I have read contradictory news reports regarding the Ministry of Communications and Transportation's thoughts regarding the possibility that only one carrier could be sold. Nonetheless, I guess this is a very strong possibility. In my opinion, this would be quite bad, but let's wait what happens.

If I am not mistaken, the only bidders for MX and AM are Grupo X-tra and Grupo México. If this is inaccurate, I hope someone can correct me.

Speaking of Grupo México, their railroad division has completed the acquisition of Ferrosur (the country's 3rd largest railroad operation) from Grupo Carso. The deal was an all-stock deal whereby Grupo Carso got 15% of the aggregate capital stock of Grupo México's railroad subsidiary. There are rumors that Grupo México and Grupo Carso are considering the possibility of floating the railroad company through a primary and secondary public offering in Mexico (and probably abroad too). If this occurs, perhaps Grupo México will use the proceeds of the IPO to fund the acquisition of one of the CINTRA airlines if it wins the bid.



Next flights: MEX-GRU (AM 77E), GRU-GIG (JJ A320), SDU-CGH (G3 73H), GRU-MEX (JJ A332).
User currently offlineRojo From Spain, joined Sep 2000, 2443 posts, RR: 9
Reply 4, posted (8 years 8 months 3 days 1 hour ago) and read 3996 times:

Quoting Navega (Reply 1):
I just read that the Aeromexico Director General is out. Can someone confirm this???

Yes, he will be out of AM on or before December 15, 2005. This information has been on the media for one week.

Quoting EddieDude (Reply 3):
If I am not mistaken, the only bidders for MX and AM are Grupo X-tra and Grupo México. If this is inaccurate, I hope someone can correct me.

Actually, the bidders are Grupo X-tra and Grupo Posadas


User currently offlineEddieDude From Mexico, joined Nov 2003, 7561 posts, RR: 43
Reply 5, posted (8 years 8 months 3 days 1 hour ago) and read 3984 times:

Thanks for the correction... I knew I was missing Posadas (surely their main interest is MX, not AM, correct?). It is a bit disappointing that Grupo México dropped from the race as well. They mentioned on many occasions that they really wanted to expand the cargo side of the business and it is truly a shame that they did not bid.

What was the scheduled time of the announcement?

[Edited 2005-11-30 02:58:10]


Next flights: MEX-GRU (AM 77E), GRU-GIG (JJ A320), SDU-CGH (G3 73H), GRU-MEX (JJ A332).
User currently offlinePecevanne From Mexico, joined Jun 2004, 180 posts, RR: 0
Reply 6, posted (8 years 8 months 3 days 1 hour ago) and read 3975 times:

At least, today, they have a delay in the announcements...sould Be at 1900 local...nothing Yet.

User currently offlinePecevanne From Mexico, joined Jun 2004, 180 posts, RR: 0
Reply 7, posted (8 years 8 months 2 days 23 hours ago) and read 3943 times:

MEXICANA belongs to Grupo Posadas....
EXTRA,EXTRA


User currently offlineJoseMEX From Mexico, joined Oct 1999, 1539 posts, RR: 24
Reply 8, posted (8 years 8 months 2 days 23 hours ago) and read 3937 times:

Quoting Pecevanne (Reply 7):
MEXICANA belongs to Grupo Posadas....

Thanks for the info, Pedro! Is that confirmed? Any confirmation on what will happen to AM?


User currently offlineGhost77 From Mexico, joined Mar 2000, 5217 posts, RR: 51
Reply 9, posted (8 years 8 months 2 days 23 hours ago) and read 3926 times:

Quoting Pecevanne (Reply 7):
MEXICANA belongs to Grupo Posadas....
EXTRA,EXTRA

SWEEET!!!!


ghost77 APM



Ricardo Morales - flyAPM - ¡No es que maneje rapido, solo estoy volando lento!
User currently offlineCommavia From United States of America, joined Apr 2005, 11432 posts, RR: 61
Reply 10, posted (8 years 8 months 2 days 23 hours ago) and read 3897 times:

If Mexicana now belongs to Grupo Posadas, Mexico's largest hotel conglomerate, what could this mean for the future of Mexicana's network and operations? And what of the alliance with American and a possible future in oneworld?

Thanks in advance, cheers.


User currently offlineEddieDude From Mexico, joined Nov 2003, 7561 posts, RR: 43
Reply 11, posted (8 years 8 months 2 days 23 hours ago) and read 3891 times:

Nice. It will be interesting to see if VTP's prices will come down. It will also be interesting if they can find more synergies between the hotel and the airline businesses to make their operations more profitable.

Does anyone know if Posadas went alone or if it is in a consortium with other investors? Will Posadas get only 51% of the stock of MX or will it purchase more?



Next flights: MEX-GRU (AM 77E), GRU-GIG (JJ A320), SDU-CGH (G3 73H), GRU-MEX (JJ A332).
User currently offlineN405MX From Mexico, joined May 2004, 1378 posts, RR: 10
Reply 12, posted (8 years 8 months 2 days 23 hours ago) and read 3887 times:

Quoting Pecevanne (Reply 7):
MEXICANA belongs to Grupo Posadas....

Great!!!
Way to go MX, finally out ! ! !

Quoting EddieDude (Reply 11):
Nice. It will be interesting to see if VTP's prices will come down. It will also be interesting if they can find more synergies between the hotel and the airline businesses to make their operations more profitable.

Hope they will, also more destinations can be added or more VTP´s with more options, great news.

C O N G R A T U L A T I O N S MX! ! !



Life is what happens when you have other plans.....
User currently offlineLeoDF From Mexico, joined Aug 1999, 359 posts, RR: 5
Reply 13, posted (8 years 8 months 2 days 22 hours ago) and read 3879 times:

Together they can scare the hell out of every vacation package offered by other airlines!!

We'll have our own Iberostar Group!! Great! Last time we had something like this was with Allegro...

Well done! LONG LIVE MEXICANA!!

A. De Leo
"PiloT"



Lloyd Aereo Boliviano
User currently offlineKLM685 From Mexico, joined May 2005, 1577 posts, RR: 19
Reply 14, posted (8 years 8 months 2 days 22 hours ago) and read 3861 times:

Quoting Pecevanne (Reply 7):
MEXICANA belongs to Grupo Posadas....
EXTRA,EXTRA

Excellent! Congratulations to Mexicana. Hopefully things will get better in Mexican Aviation!!

Again, CONGRATULATIONS!!!!!!!!


Alonsou



KLM- The Best Airline in the World!
User currently offlineRojo From Spain, joined Sep 2000, 2443 posts, RR: 9
Reply 15, posted (8 years 8 months 2 days 22 hours ago) and read 3859 times:

Quoting EddieDude (Reply 11):
Nice. It will be interesting to see if VTP's prices will come down. It will also be interesting if they can find more synergies between the hotel and the airline businesses to make their operations more profitable.

A little bit difficult for them to do synergies, since it would be considered unfair competition. Both companies will operate as separate entities...

Quoting EddieDude (Reply 11):
Does anyone know if Posadas went alone or if it is in a consortium with other investors? Will Posadas get only 51% of the stock of MX or will it purchase more?

They went alone, but they will get the money from IXE Grupo Financiero


User currently offlineEddieDude From Mexico, joined Nov 2003, 7561 posts, RR: 43
Reply 16, posted (8 years 8 months 2 days 22 hours ago) and read 3841 times:

Quoting Rojo (Reply 15):
A little bit difficult for them to do synergies, since it would be considered unfair competition.

True, vertical arrangements can be punished by the antitrust authorities given certain conditions are present, but there is nothing wrong with, for example, consolidating vendors or suppliers of certain goods. I can think of having only one advertisement agency for both the hotels and the airline and getting more attractive fees; getting the mints/chocolates the housekeepers leave on your pillow and the cookies served by MX from the same vendor, etc... things like that. It may not amount to much, but any savings is good. I can also think of, for example, the Posadas holding company getting in the future a loan from a bank or a syndicate of banks and allocating the proceeds between the hotel division and MX, as required by each of them, so as to benefit from better interest rates (much like other large publicly traded corporations with high ratings do when their diverse subsidiaries need funds for working capital or investments).

It is interesting that Banco IXE is financing the acquisition. I guess that they have confidence that this acquisition will be good for Posadas. Banamex has a long-standing relationship with Posadas so I expected them to be the lenders. Otherwise, I would have thought the money would come from BBVA Bancomer, Banco Inbursa or a syndicate of foreign lenders.



Next flights: MEX-GRU (AM 77E), GRU-GIG (JJ A320), SDU-CGH (G3 73H), GRU-MEX (JJ A332).
User currently offlineMexicana757 From United States of America, joined Apr 2001, 3031 posts, RR: 29
Reply 17, posted (8 years 8 months 2 days 21 hours ago) and read 3803 times:

As I guessed in another forum that Mexicana would be the airline to be sold instead of AM. Happy Mexicana has found a new home. Congrats MX and now maybe we can expect them going to Europe and competing with AM. Lets see how this new company will have an open mind about MX's presence in Europe.

Heres a link to the press release:
http://www.bloomberg.com/apps/news?pid=10000086&sid=aW6a17S4b1pM


User currently offlineKezensky From , joined Dec 1969, posts, RR:
Reply 18, posted (8 years 8 months 2 days 21 hours ago) and read 3789 times:

Congratulations Mexicana!!!

In another matter I would like to share with you, that today I was informed today that I will be re-hired by Mexicana in January '06! So I guess this month will be a full month of celebrations...felicidades!
Saludos

Tom

(PS: Segun esto MX se vendio a un precio de $166 mdd)


User currently offlineEddieDude From Mexico, joined Nov 2003, 7561 posts, RR: 43
Reply 19, posted (8 years 8 months 2 days 21 hours ago) and read 3775 times:

Tom, very good news man, congratulations!

About the price, the $459 million figure (resulting from the addition of the offered purchase price and the amount of the assumed debt) seems on line with what analysts had forecast. I wonder if CINTRA will indeed sell 100% of MX to Posadas or if they will only sell a majority interest. CINTRA could keep a non-controlling stake in the company and negotiate a put option and registration rights with Posadas in order to sell to Posadas the remaining shares at a fixed price in the future if things don't bode well for MX or even make a secondary offering in the stock exchange if MX becomes profitable and starts to grow.



Next flights: MEX-GRU (AM 77E), GRU-GIG (JJ A320), SDU-CGH (G3 73H), GRU-MEX (JJ A332).
User currently offlineKezensky From , joined Dec 1969, posts, RR:
Reply 20, posted (8 years 8 months 2 days 21 hours ago) and read 3765 times:

Thanks my friend!!!

And sorry for any grammatical mishaps - but I'm already celebrating...jejeje

Salud os

Tom


User currently offlineAnthsaun From Mexico, joined Apr 2004, 544 posts, RR: 3
Reply 21, posted (8 years 8 months 2 days 20 hours ago) and read 3737 times:

History has it's price... Congratulations MX


So now what? Does anyone know the new business plan for MX?

What's going to happen to AM? Is CINTRA going to invest the new money from the MX's sale on AM or in the new MX?

Long live MX!!!!



Over 80 years in business say a lot about success
User currently offlineFarmenta From United States of America, joined Jul 2004, 58 posts, RR: 0
Reply 22, posted (8 years 8 months 2 days 18 hours ago) and read 3718 times:

FINALLY,

Congratulation to MX! There Clase Ejecutiva is just OUTSTANDING!
I hope that MX finally venture into Europe. No wonder why MX is opening
so many new routes!

The best for MX.

Fer


User currently offlineMexicana757 From United States of America, joined Apr 2001, 3031 posts, RR: 29
Reply 23, posted (8 years 8 months 2 days 13 hours ago) and read 3690 times:

Here is more info and news on the sale.

http://biz.yahoo.com/ap/051130/mexico_airline_sale.html?.v=1


User currently offlineAdriaticus From Mexico, joined May 2004, 1136 posts, RR: 19
Reply 24, posted (8 years 8 months 2 days 13 hours ago) and read 3679 times:

In the end, no matter how rational we can get to be in business-related matters, I feel extremely content that good old MX, a true legacy (in the historic sense) got to remain in Mexican hands...

I know, I know... All the rationals and blah, blah... AV is doing very well under Brazilian Mr. Efromovich, and all that, but I just like it better this way...

__Ad.



A300/18/19/20/21 B721/2 B732/3/G/8 B741/2/4 B752 B762/3/4 B772/3 DC8/9/10 MD11 TU134/154 IL62/86 An24 SA340/2000 E45/90
25 Adriaticus : This is what Associated Press said about the money portion:
26 Bgoodam : Congrats, now that is great news!! Good luck to MX.
27 Anthsaun : I have just a few little questions in case someone might have the answer. 1.- What stock percentage did "Grupo Posadas" acquired? 2.- What entities do
28 EddieDude : $997 million is probably the amount of the lease agreements. I did not consider that sum when making my post. My post referred to the purchase price
29 N405MX : Andrés Conesa said last night with Lopez Dóriga that 100% Maybe As for MX debt, they will sell (or is already sold) the Xola building (MX tower) it
30 SFOMEX : "La primera siempre será la primera" Sweet! Mexicana is starting a new and exciting period on its long history. I wish them success. What about new r
31 Cun757 : Sorry guys I didn't see this post, and I start a new one who says Mexicana is private again... Well any way I think this was a very good sale, because
32 Post contains links SFOMEX : We have a date now: Starting next December 16th, Mexicana will be officially part of Grupo Posadas. That day will end CINTRA's control over Mexicana.
33 Navega : Well Mexicana got sold I hear and Aeromexico had no takers. Congratulations Mexicana...
34 EddieDude : It had two takers: Grupo Posadas and Grupo X-tra. It is just that their bids were lower than the minimum asking price.
35 XA744 : Swell !... .... Now let´s just hope that Grupo Posadas and the new management at Xola 535 redefine Mexicana. I mean, can we this time expect true com
36 BGOODAM : Apperantly AM is worth more than MX, therefore the quick sale, AM must get sold at the asking price that it is worth not something near what MX is wo
37 XA744 : CMA could jump into One World at any time. The airline has been already "audited and scrutinized" by the alliance. Now, it will be up to the new mana
38 KLM685 : Well, no. I do agree with the fact that AM is worth more than MX, but I don't believe it was the reason for the "quick sale". Newspapers consider AM
39 Post contains links XA744 : Fellows, just check the article on the sale of Mexicana published today in La Jornada. Link: http://www.jornada.unam.mx/2005/12/01/026n1eco.php Regar
40 Commavia : MX has already been "audited" by oneworld? I wish MX would join already -- they would be a perfect fit for the alliance, especially given its heavily
41 Adriaticus : Talking about alliances alone, SkyTeam offers considerable more value-added to Mexican travelers than oneworld. From a worldwide perspective, and com
42 Am001 : I tought MX had a larger debt than AM...
43 EddieDude : No idea about that. But remember that the size of the debt is not as important as its maturity dates, its financial cost (i.e., the interest rates),
44 Post contains images Fly727 : The Allegro Resorts were not owned nor affiliated with Líneas Aéreas Allegro. Tom: Congrats my man. This will be indeed a really interesting year f
45 SFOMEX : I hate to break it to you, but La Jornada (better known as Mexico City's Pravda among the Mexican left) is not a reliable source regarding the curren
46 Rojo : I am not so sure about this... to make it worst, Posadas still does not know where it will get the money from to pay for Mexicana. It all was a polit
47 Ucunnn : Well hopefully now Mexicana in new hands really start to taking back those domestic routes and get into HMO, TRC, CUU, CJS, PBC, TLC and others . Hope
48 XA744 : SFOMEX, without any fear or favor, allow me to say that... ...I just couldn´t care less about what La Jornada or any other media source has to say in
49 Rojo : I hope the best for MX and AM, but still don't know what Posadas is going to do with Mexicana... they are desperately searching for someone (a group w
50 Post contains images EddieDude : For fair coverage of President Bush and cronies, I suggest talking to Michael Moore. Posadas closed very recently a 50 million dollars syndicated loa
51 Rojo : Apparently Banco IXE was supposed to give part of the money, but there were some complications. They are desperately trying to get cash (they are sel
52 Adriaticus : Well, worst case scenario, it is not Posadas' problem, but IXE's... AND, IF it is indeed a political issue problem -as you mention-, CINTRA most cert
53 Ucunnn : Hopefully all this movements dont affect Mexicana, after all even if someone says that the "juicy one" is AM, at the end... who is among the 2 of them
54 Post contains links Ucunnn : Guys, by the way if you access to EL NORTE Newspaper read this article.... http://www.elnorte.com/negocios/articulo/592490/ it is about that Grupo Poa
55 Navega : All I have to say here is that Mexicana was sold and that regardless of how much it bothers Aeromexico employees, the facts speak for themselves. The
56 Ghost77 : Hmmm, a frame every two months... that's 6 frames in average a year... according to my numbers given by insiders it isn't that from what I had... MX
57 Kezensky : Fly727: Thanx my friend and sure I'll catch you on 21 point 2 - jejeje! By the way I just read that Andres Conesa will take the lead of AM and that Ro
58 Post contains links Rojo : Finally, the money will indeed come from IXE Banco. Banamex and HSBC will also give some money through lines of credit currently available to Posadas.
59 EddieDude : Good luck Posadas! This year there were surprisingly lots of equity offerings, with one of them even happening just a day after another (first was Me
60 Adriaticus : Neither of these is the point. Nobody in the thread (but these two) is discussing whether AM or MX is a better airline... And I wonder who here is an
61 BGOODAM : It does, not to mention a very high labor payroll. About 60 mill in the bank, with the sale of their building add 30 mill. Well he thinks ,I am. Cone
62 PRAirbus : Doesn't sound quite cheap to sell MX for $165 million USD? Let's hope this hoteliers know how to run an airline because MXs legacy and history is too
63 BGOODAM : They are on the way, now that MX is not an obstacle to AM's growth, AM is commited to 3 777's and talks of 7 total, might be more. AM just recently p
64 Ucunnn : It is going to be really interesting to see which paths both airlines take now that they will compete among them, now that also AM is not an obstacle
65 Post contains images N405MX : Talking of a brand new A320 for january (Regalo de reyes ) Don´t expect Europe, reinforce EZE and maybe more destinations in South America, more des
66 Post contains links Rojo : I suggest you go to www.posadas.com to get more info on this Company. It is a public company so you will find your answers there. Just to give you a
67 Post contains links Ghost77 : Higher labor payroll? Don't think so... Just visit: http://cintra.com.mx/espanol/accionist/operfin/mx/home.htm Go to Organizational Structure Slide 1
68 N405MX : Indeed, just remember when both airlines where leaving routes for the other, but in some routes AM never left the route (like MID) now let´s see, as
69 Fyano773 : B-Good: That sounds great but AFAIK, DreamLiner is sold out the first couple of years; maybe a previous undisclosed agreement with Boeing. Hopefully M
70 Ghost77 : Nope, ILFC has reserved slots for 2008... AM's 5 B787s expected could come from that source... ghost77 APM
71 SFOMEX : Why?? If anything, the current market shows how successful the European routes are. I don't get it, especially if destinations like LHR, MXP and FRA
72 Anthsaun : There are several comments about Grupo Posadas lacking airline management experience. It sounds like when I went out looking for a job. Everybody want
73 Skyone : Remember managing an airline is completeley different to managing a hotel company. To clear your point, many people in Posadas know that the airline
74 Anthsaun : I'm expecting really good plane + hotel deals, too.
75 Jopavon : And returning to some markets left to AM. AM will restart OAX and VER soon...so MX will probably do the same when they left some destinations in favor
76 Ucunnn : i heard rumors about MX coming back to CUU, TRC and CJS.. also Culiacan and Aguascalientes
77 Skyone : But with Click and not MX. I think they need to finish the transaction first and then tell what they are planning on doing with the airline.
78 N405MX : Why not?, MX have some plans for expansion, also for Click, as they hope to receive more frames (and maybe not F100 but Buses). Saludos
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