February 26, 2013 / 2:55 PM / 4 years ago

Mexican airport operator GAP to appeal by-law ruling

1 Min Read

MEXICO CITY, Feb 26 (Reuters) - Mexican airport operator Grupo Aeroportuario del Pacifico said on Tuesday it will appeal a court's decision that ruled certain of its by-laws invalid.

GAP said in a statement that it was notified on Monday of the decision, but that its by-laws "remain valid and binding" on the company's shareholders.

The statement provided no further details.

The airport operator has been seeking to safeguard bylaws prohibiting noncontrolling shareholders from holding a stake bigger than 10 percent in the company.

Copper miner and railroad operator Grupo Mexico had sued the airport operator, demanding it change the rules and launched an offer to acquire more GAP shares.

The miner withdrew its offer in March after a court imposed a trading restriction on GAP shares but it retains a 29.6 percent stake in the company, according to third-quarter filings.

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