MEXICO CITY Feb 26 A Mexican court has ruled
that airport operator Grupo Aeroportuario del Pacifico cannot
prevent Grupo Mexico, or any other shareholder, from
accumulating a sizeable chunk of its stock.
Monday's ruling, made public on Tuesday, is the latest in a
long-running dispute between GAP and Mexico's largest
mining company over Grupo Mexico's almost 30
percent stake in the airport operator.
Mexican law allows companies to acquire up to 30 percent of
another company before launching a takeover bid. But GAP had
been seeking to safeguard internal bylaws prohibiting
noncontrolling shareholders from holding a stake bigger than 10
Grupo Mexico launched a takeover bid, only to drop it in
March last year. The company was never clear on
whether it wanted full control over GAP, or just to raise its
GAP said in a statement earlier on Tuesday that it
would appeal Monday's ruling.
Grupo Mexico said in its statement that it will continue to
fight to uphold its shareholder rights.
Grupo Mexico had 29.6 percent of GAP shares at the end of
December, according to its fourth-quarter filing with the
Mexican stock exchange.