GAP wants brokers to stop buying stock for Grupo Mexico
MEXICO CITY |
MEXICO CITY Feb 29 (Reuters) - GAP said on Wednesday that it wanted to restrict trading in its own shares when brokers buy them on behalf of miner Grupo Mexico, which is trying to get control of about a third of the Mexican airport operator.
Grupo Mexico said in June that it wanted to buy more than 30 percent of GAP, which would trigger a stock market law obligating the copper miner to bid for the entire company.
GAP's internal bylaws say no noncontrolling shareholder can have a stake bigger than 10 percent. Grupo Mexico sued GAP to change those rules, and GAP shot back with an appeal to stop the takeover, although the miner has continued buying shares.
GAP said in a statement that a court had ordered measures in a suit it started against Mexican stock market brokers to require strict adherence to the company's bylaws.
The order prohibits stock brokers from buying shares of GAP for Grupo Mexico.
GAP shares include B series, which are available in the market. BB shares, or 15 percent of the company, are held only by controlling partners and are not publicly traded.
As of January, Grupo Mexico held 28.7 percent of the company's total shares and 33.8 percent of the publicly traded stock, GAP said in its quarterly financial report this week.
Mexico's stock exchange and Grupo Mexico officials were not immediately available for comment.
GAP operates 12 airports, including those in the Pacific resorts of Puerto Vallarta and Los Cabos.
The company's shares traded 0.2 percent higher early on Wednesday.
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