Grupo Aeromexico SAB, Mexico’s largest airline, said Citigroup Inc. sold its remaining 16 percent stake in the carrier as Delta Air Lines Inc. may buy as much as 8 percent of outstanding shares.

Former Chairman Eduardo Tricio Haro, who stepped aside in April while remaining a director, is among the shareholders acquiring some of the stock, Mexico City-based Aeromexico said in a press release late Sunday. None of the investors is getting more than 5 percent of the shares, the airline said.

Barclays Capital Securities Ltd. purchased about 8 percent of the outstanding stock related to a transaction with Delta, which is already a minority Aeromexico holder. Delta President Edward Bastian sits on the board, and the two carriers said in March they were seeking a $1.5 billion venture that would deepen their alliance.

For Citigroup, the transaction unwinds an Aeromexico tie dating to 2007, when the New York-based bank won control of the carrier in a government sale. It helped sell a minority stake in a 2011 initial public offering, then pared its holdings in 2013 with a sale to an investor group led by Tricio, the chairman of dairy producer Grupo Lala SAB.

Aeromexico surged 26 percent this year through Friday, topping the 5.1 percent advance for the benchmark IPC index. That still trailed the 41 percent rally for Controladora Vuela Compania de Aviacion SAB, the parent of Mexico’s other major publicly traded airline, Volaris.

–With assistance from Jose Enrique Arrioja in New York and Mike Millard in Seattle.

To contact the reporters on this story: Adam Williams in Mexico City at; Brendan Case in Mexico City at; Nacha Cattan in Mexico City at To contact the editors responsible for this story: Edward Dufner at Michael S. Arnold, Anand Krishnamoorthy

This article was written by Adam Williams, Brendan Case and Nacha Cattan from Bloomberg and was legally licensed through the NewsCred publisher network.

Tags: aeromexico
Photo Credit: Citigroup sold its 16 percent stake in Aeromexico and Delta may be among several investors jumping in. Aeromexico