Many articles in the Mexican press make reference to the low price that the RG
sale commanded as if the RG
price were a factor of why the IPAB/Hacienda/Nacional Financiera/creditor banks no longer want to pursue an immediate sale of AM
. It is hard to see the connection because, while AM
is bleeding red ink again, it is nowhere near the position of RG
in the past few months. Nonetheless, it is interesting that this may be a factor affecting AM
Something else mentioned by several articles is that the adjustment to the MX
purchase price that Grupo Posadas has requested from Consorcio Aeroméxico (f/k/a CINTRA) is a factor affecting the valuation of AM
. I am not sure I am understanding this correctly because the articles are poorly written and I am unfamiliar with the terms of the sale of MX
, but it seems as though Consorcio Aeroméxico, which is the legal entity that used to own the MX
shares, is somehow expecting the Posadas claim to have merit and, therefore, knows that it has to reimburse (or not receive, in case the money is still in escrow) a certain amount to Posadas (probably because of misrepresentations) and, therefore, it has an added liability.
Finally, it seems from some of the editorials that appeared today in the press that if an interested party wants to contact Nafin with a formal proposal, and Nafin finds it attractive, Nafin may recommend to the Board and the shareholders of Consorcio Aeroméxico to outright sell a portion or all of the shares of AM
to said third party without going through a new public bidding. The usual suspects (UX' parent Globalia, 6A
and Grupo Ángeles) were again mentioned. Finally, Nafin is also going to continue exploring the possibility of having the shareholders sell a portion of the shares of the company via a secondary public offering in the Mexican Stock Exchange.
I think that, for as long as oil prices remain so high, the electoral court does not uphold the results of the Presidential election and the MX
purchase price adjustment is not finalized, the sale of AM
should be postponed.
Next flights: MEX-LAX AM 738, LAX-PVG DL 77L, SHA-PEK CA 789, PEK-PVG CA A332, PVG-ORD MU 77W, ORD-MEX AM 738