BA owner IAG in Vueling bid
Bid values the Spanish low cost airline at €209mn
By CFOWorld.co.uk staff | CFO UK | Published 16:07, 08 November 12
IAG, the holding company of British Airways and Iberia, confirmed on Thursday that it had made a formal offer to buy 54.15 percent of Spanish low-cost airline Vueling for €113 million.
IAG already holds the remaining 45.85 percent stake in the company. Apart from an 18 percent holding by minority shareholders, 23 percent of Vueling is held by international investors and the remaining 13 percent by Spanish investors.
The company said that it had made an offer of €7 per share. The bid for complete control of Vueling would be made using internal IAG funds. The offer values Vueling at €209.3 million according to Thomson-Reuters data.
Earlier on Wednesday, IAG said passenger numbers for October were up 3.2 percent on an annualised basis with the load factor (occupancy of a specific aircraft on a designated route) was up to 80.5%.
The increase was mainly attributed to the performance of British Airways where traffic rose 6.2 percent. However, at Iberia traffic fell 3.7 percent. The company will be releasing its third quarter results on Friday.
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