Grupo Aeromexico SA

Aeromexico seeks partner for merger

Image via mexicotravelandrealestate.com

Grupo Aeromexico SA, Mexico’s largest airline, is looking to merge with another carrier inside or outside the country, Chief Executive Officer Andres Conesa said.

Aeromexico has ruled out a tie-up with Grupo Mexicana de Aviacion, the carrier sold by the government in 2005, Conesa said today in Mexico City. A merger could happen in 2010, and wouldn’t be announced this year, he said.

“There are many alternatives we are evaluating,” Conesa told reporters. “It would be where you have stock participation between both groups.”

Citigroup Inc.’s Banamex unit and Mexican investors won a bid in 2007 to buy a controlling stake in Aeromexico from the government, which had been trying to sell the airline for two years after acquiring the stake during the 1994 currency crisis.

Conesa said Aeromexico’s traffic is beginning to recover from the recession, and will be at 2008 levels in this year’s second half.

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