Mexico's banking regulator said on Thursday it cannot rule on a bid by mining giant Grupo Mexico to up its stake in airport operator Grupo Aeroportuario del Pacifico until a legal battle over the offer is resolved. Grupo Mexico (GMEXICOB.MX), which controls copper mines in Mexico, Peru and the southwestern United States along with Mexico's largest railroad, said in June it planned to purchase more than 30 percent of the Mexican airport company, known as GAP. The offer triggers a law obligating Grupo Mexico to bid for GAP (GAPB.MX) (PAC.N) in its entirety. The copper miner said if it does not win more than 50 percent control it will reconsider the offer.
Grupo Aeroportuario del Pacifico, S.A.B. de C.V. manages, operates and develops 12 airport facilities, which serve two metropolitan areas (Guadalajara and Tijuana), several tourist destinations (Puerto Vallarta, Los Cabos, La Paz and Manzanillo), and a number of mid-sized cities (Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali and Los Mochis). Shares of PAC fell by 3.02% or $-1.22/share to $39.15. In the past year, the shares have traded as low as $27.55 and as high as $43.55. On average, 101035 shares of PAC exchange hands on a given day and today's volume is recorded at 91621.
