After Citigroup Inc. engaged in a bidding contest with a local businessman for control of the nation's largest carrier, Consorcio Aeromexico SAB surged 17 percent, the most in almost three years.

The bidding may continue, as the government's bank deposit insurance agency, the largest Aeromexico shareholder, today said bidders have until tomorrow at 4 p.m. to top Citigroup's offer of as much as 2.2508 pesos a share. The Banamex group had topped an offer of 1.90 pesos a share by businessman Moises Saba Masri, who said through his lawyer he would raise his offer.

Bidding for the government-controlled airline accelerated as Saba's self-imposed deadline of noon local time approached. In 35 minutes, bidding rose to 2.2508 pesos a share from less than 1.87 pesos before today.

The agency, known as the IPAB for its initials in Spanish, holds 45 percent of shares of the money-losing airline, which has been owned by the government since 1994. Other government agencies and ministries hold an additional 17 percent of shares in the airline.

Citigroup's offer is for 1.8686 pesos a share, and includes the option of an additional 38.22 centavos a share in cash or a warrant granting a payment in three years based on the airline's value then. The offer is equivalent to 2.23 billion pesos ($207 million). Saba had offered 1.90 pesos a share, about 1.89 billion pesos, after starting the bidding with an offer of 1.10 pesos a share on Aug. 22.