Vueling, the Spanish low cost carrier based in
Barcelona, is to become part of International Airlines Group (IAG) after
the majority of its shareholders accepted IAG's cash tender offer for
the airline, following recommendation by the Vueling board.
IAG's subsidiary Iberia already owns 45.85 per cent of Vueling's
shares and Iberia's board agreed not to tender them in the offer. The
Spanish National Securities Market Commission (CNMV) has announced today
that 82.48 per cent of the remaining shareholders have accepted IAG's
offer of €9.25 per share. Therefore, the IAG group will own 90.51 per
cent of Vueling.
The cost of purchasing the Vueling shares is €123.5 million.
Vueling will be a standalone company within IAG with its chief
executive Alex Cruz reporting into IAG chief executive Willie Walsh.
Willie Walsh, IAG chief executive, said: "Vueling is a great airline
and will be a welcome addition to IAG where it will benefit from the
group's financial strength. We plan to retain Vueling's current business
model and management structure and its strong base in Barcelona".
The acquisition will be completed on April 26, 2013.
No comments:
Post a Comment