Mexican airport operator GAP to appeal ruling on Grupo Mexico
MEXICO CITY |
MEXICO CITY Jan 17 (Reuters) - Mexico's Grupo Aeroportuario del Pacifico said on Thursday it will appeal a judge's decision that overturns an injunction preventing brokers from buying its shares on behalf of copper miner and railroad operator Grupo Mexico.
GAP obtained the injunction almost a year ago as it sought to stop Grupo Mexico from accumulating GAP shares. But it said Thursday that brokers had appealed and a judge had lifted the restriction on trading GAP shares.
The airport operator sought the injunction to safeguard its internal bylaws, which prohibit noncontrolling shareholders from holding a stake bigger than 10 percent.
Grupo Mexico had sued the airport operator to change the rules and launched an offer to acquire more GAP shares.
The miner withdrew its offer in March after the trading restriction was imposed but it retains a 29.6 percent stake in GAP, according to third-quarter filings.
GAP said because it is appealing the judge's decision to lift the trading restrictions, brokers cannot return to buying its shares on behalf of Grupo Mexico.
Grupo Mexico has not been clear about whether it wanted to buy all of GAP or just increase its stake.
Shares in Grupo Mexico rose 0.82 percent to 48.05 pesos in early trading.
Shares in GAP were down 0.85 percent at 77.71 pesos.
Grupo Mexico runs copper mines in Mexico, Peru and the United States as well as cargo train lines across Mexico. GAP operates 12 airports including ones in the Pacific resorts of Puerto Vallarta and Los Cabos.
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