International Airlines Group (IAG), the holding company for the merger of British Airways and Iberia, has launched a cash tender offer to buy 100 per cent of the share capital of Vueling, the Spanish low cost carrier based in Barcelona. In a statement filed Thursday with the National Securities Commission (CNMV), IAG said its sussidiarietày Iberia owns 45.85 per cent of Vueling čres currently and the Iberia board has agreed not to tender them in the offer. This means that Iberia would retain their shareholding in Vueling with IAG seeking to acquire the remaining 54.15 per cent. The offer will be 7.00 euro per godary share of Vueling, a premium of 28 percent to Vueling MS.
Cost of acquising extra 54-percent stake estimated at 113 million euro