Mexicana late Wednesday submitted a takeover bid for AeroMexico valued at MEX2.17 billion ($199 million), topping recent bids made by the Saba family and Banamex. AeroMexico is controlled by state holding company Consorcio Aeromexico, which is 62% owned by the Mexican government. Consorcio, previously known as Cintra SA, sold Mexicana to Grupo Posadas in 2005 but retained AeroMexico. Bids for the latter from the Saba family and Banamex, the Mexican arm of Citigroup, remain on the table ...

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