IAG moves closer to Vueling acquisition

IAG moves closer to Vueling acquisition

The National Securities Market Commission in Spain has given the green light to a revised offer from International Airlines Group for low-cost carrier Vueling.

The body had approved a bid at €9.25 per share.

IAG-owned Iberia presently owns 45.85 per cent of Vueling shares and will not participate in the offer.

The offer acceptance period has been extended by nine days to April 19th so Vueling shareholders have more time to assess the revised offer, IAG said.

IAG increased its offer for Vueling a week ago after the Barcelona-based airline’s shareholders rejected an original bid of €7 a share.

The offer valued the carrier at €209 million.