Aeromexico which is in some sense a vassal of Delta these days doesn’t own their own frequent flyer program in its entirety. Aimia owns nearly 49%.
And following on Air Canada’s public offer to buy Aeroplan, Aeromexico came in with a lowball offer to buy back their stake in the Club Premier program. It was an offer that was already rejected, but included a kicker straight from the Air Canada playbook.