Grupo Aeroportuario del Pacifico SAB tumbled after Grupo Mexico (GMEXICOB) SAB withdrew its offer to buy the regional airport operator after a nine-month legal dispute.
The shares fell 3.1 percent to 48.64 pesos at close in Mexico City, after earlier dropping as much as 4.8 percent, the biggest intraday decline since Oct. 30, 2009. The benchmark IPC index of 35 Mexican companies rose 0.6 percent today. Grupo Aeroportuario del Pacifico, or GAP operates a dozen Mexican regional airports.
Grupo Mexico, the country’s largest mining company, withdrew a request for authorization to buy GAP, the company said in a statement to the Mexican stock exchange today.
GAP said its bylaws limit non-controlling investors from holding more than 10 percent of its shares. Grupo Mexico offered to buy as much as all of GAP’s shares on June 13, 2011.
Grupo Mexico had increased its stake in GAP to 28.7 percent from about 20 percent since June. GAP successfully halted the offer through lawsuits.
Mexican law requires companies that have a stake above 30 percent to bid for the entire company.
The acquisition would have expanded Grupo Mexico’s transportation holdings, which include railroads Ferrocarril Mexicano SA and Ferrosur SA.
The mining company controlled by billionaire German Larrea may sell about $467 million of GAP shares after pulling its offer, according to a research note sent today from Citigroup Inc. analyst Stephen Trent.
Juan Rebolledo, a spokesman for Grupo Mexico, wasn’t available to comment.
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