Mexican airline Mexicana said it has offered to buy rival Aeromexico for $200 million, the highest bid for the struggling carrier in a bidding war that has attracted three groups.
Aeromexico shares jumped more than 10% on the news.
Mexicana offered 2.19 pesos per Aeromexico share, topping a sweetened $160-million bid from the Saba family last week.
A third group, including the Mexican unit of Citigroup Inc. and major shareholders of brewing giant Modelo, offered to buy Aeromexico for $150 million, beating the Sabas' original bid in August of $100 million.
