Reuters: Mergers News: UPDATE 1-Grupo Mexico drops bid for airport operator, GAP shares fall

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UPDATE 1-Grupo Mexico drops bid for airport operator, GAP shares fall Mar 29th 2012, 16:20 Thu Mar 29, 2012 12:20pm EDT * Grupo Mexico previously wanted more than 30 pct of GAP * GAP was fighting Grupo Mexico efforts for control MEXICO CITY, March 29 (Reuters) - Copper miner and railroad operator Grupo Mexico on Thursday said it would drop its offer to buy outstanding shares in Mexican airport operator Grupo Aeroportuario del Pacifico. Shares in GAP sank on the news, which Grupo Mexico announced in a statement sent to Mexico's stock exchange, with no details as to why it changed its mind. Grupo Mexico said in June it wanted to acquire more than 30 percent of GAP, which would trigger a stock market law making it obligatory for the copper miner to bid for the entire company. The deal had been mired in a legal dispute, since GAP's internal bylaws said no noncontrolling shareholder could have a stake bigger than 10 percent. Grupo Mexico sued GAP to change those rules and GAP shot back with an appeal to stop the takeover, although the miner continued to buy shares. Grupo Mexico shares slipped 0.45 percent to 40.05 pesos, while GAP shares dropped almost 4 percent to 48.20 pesos in local trading. GAP operates 12 airports, including those in the Pacific resorts of Puerto Vallarta and Los Cabos. Grupo Mexico runs copper mines in Mexico, Peru and the southwestern United States, as well as cargo train lines across Mexico. Link this Share this Digg this Email Reprints

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