MEXICO CITY Jan 17 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
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
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
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.