30 November 2022, Virtual
12 December 2022, etc.venues Monument, London
Business Travel Show Europe, presented by The BTN
The board of Spanish carrier Vueling has accepted an increased takeover offer from British Airways’ owner IAG.
Vueling’s directors last month rejected IAG’s original offer to buy the company’s shares at €7 each. This caused IAG, which already has a 45.85 per cent shareholding in Vueling, to come back with an increased offer of €9.25 per share.
This improved offer has now won the approval of Vueling’s board which is recommending that shareholders accept the deal at €9.25 per share.
Vueling said in a statement: “The board of Vueling recommends shareholders to accept the improved offer for the following reasons: the price is reasonable and within the valuation issued by experts and from a strategic point of view, the deeper integration of Vueling in IAG will offer advantages and opportunities.”
IAG’s chief executive Willie Walsh has said that Barcelona-based Vueling will continue to operate as a standalone brand under its current management rather than being integrated into Iberia.