The next October 23rd is the settlement date for the Public Acquisition Offer (OPA) for 100% of the outstanding shares of TRAXION ( number 5 of the Top 100 of Autotransport® ), which was announced on September 14th and where Aby Lijtszain, current executive president of this business conglomerate, is also at the head of Pantera Holdings, the entity that carried out the OPA .
In an interview with T21, Diego Díaz, Associate Director and Primary Rating Analyst at Fitch Ratings , emphasized that when the takeover bid was launched, TRAXION did not indicate any intention to delist the company or cancel the registration of its shares on the Mexican Stock Exchange (BMV) . “Based on the available information, this appears to be a transaction concerning the share structure, not a decision to leave the stock market .”
Another key point is that TRAXION has not announced any additional debt to complete this transaction, and unless this increases significantly, Fitch does not foresee an immediate change in its credit profile .
Diego Díaz highlighted that TRAXION’s operations have been influenced by external pressures, such as increases in fuel prices, uncertainty stemming from the trade relationship between Mexico and the United States, and less dynamism in activities linked to foreign trade.
Speaking about the presence of the trucking sector in the stock market, Díaz noted that in Mexico this sector is highly fragmented, with many regional and family-owned companies, “it seems difficult at the moment for other companies to list . “
Regarding the departure of some issuers from the auction floor, such as Grupo México Transportes (GMXT) , Diego Díaz dismissed the influence of the sector and pointed out that it corresponds more to business strategies, “and not necessarily to a trend in that market . “
As of the close of trading on Friday, October 9, TRAXION shares have increased 18.8% since the date the tender offer was announced, which proposes an acquisition price of 13.18 pesos per share.
Comment and follow us on LinkedIn: @Didier Ramírez Torres / @GrupoT21
