Manufacturing Industry
Cintra shareholders approve Mexicana sale
Airline Industry Information, Dec 19, 2005
AIRLINE INDUSTRY INFORMATION-(C)1997-2005 M2 COMMUNICATIONS LTD
Cintra SA, a Mexican state-owned airline holding company, has said that its shareholders have unanimously approved the sale of airline Mexicana.
The airline will be sold to the hotel chain Grupo Posadas SA and the sale is expected to close by 28 December, according to a filing from Cintra with the Mexican Stock Exchange.
According to The Associated Press, Posadas is buying Mexicana and the budget carrier Click. Posadas will also acquire a 50% stake in Cintra's ground services unit, cargo division, personnel training unit, and other airline services.
The sale price is USD165.5m plus debt and other financial obligations, making the total value of the group USD1.46bn.
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