By Anthony Harrup
MEXICO CITY--Citigroup Inc. has sold its remaining 16% of
Mexican airline company Grupo Aeromexico SAB, and part of the stake
could be acquired by the carrier's U.S. partner Delta Air Lines
Inc., Aeromexico said Monday.
Aeromexico said that Citi Holdings informed the company it had
carried out agreements to transfer its stake to various buyers,
including some to Aeromexico shareholders and board members such as
former chairman Eduardo Tricio Haro.
Aeromexico added that Barclays Capital Securities Ltd. bought
about 8% of the airline's stock from Citi in connection with a
derivatives transaction with Delta, which may or may not result in
Delta acquiring more shares in Aeromexico.
Delta already has a small stake in Aeromexico and a seat on the
board. The two airlines are currently seeking U.S. and Mexican
regulatory approvals for an enhanced partnership.
Aeromexico shares were up 4.2% at 26.80 pesos ($1.77) early
Monday on the Mexican stock exchange.
Citigroup sold around 20% of Aeromexico to a group of Mexican
investors led by Mr. Tricio Haro in 2013.
Aeromexico recently named Javier Arrigunaga, the former chairman
of Citi's Mexican unit Grupo Financiero Banamex, as chairman of its
board, replacing Mr. Tricio Haro, who remains a board member.
Aeromexico is Mexico's largest airline, operating a fleet of 120
planes and serving more than 80 cities in Mexico, the U.S., Canada,
Europe and Asia.
Write to Anthony Harrup at anthony.harrup@wsj.com
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