Follow @AirwiseNews

GAP To Appeal Court By-laws Ruling

Bookmark and Share

Mexican airport operator GAP said on Tuesday it would appeal a court's decision that ruled certain of its by-laws invalid.

Grupo Aeroportuario del Pacifico (GAP) said in a statement that it was notified on Monday of the decision, but that its by-laws "remain valid and binding" on the company's shareholders.

The statement provided no further details.

The airport operator has been seeking to safeguard bylaws prohibiting non-controlling shareholders from holding a stake bigger than 10 percent in the company.

Copper miner and rail operator Grupo Mexico had sued the airport operator, demanding it change the rules and launched an offer to acquire more GAP shares.

The miner withdrew its offer in March after a court imposed a trading restriction on GAP shares but it retains a 29.6 percent stake in the company, according to third-quarter filings.

(Reuters)