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Britain's IAG gains 90% control of Spain's Vueling

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(GlobalPost/GlobalPost)

British airline group IAG now controls more than 90 percent of Spanish carrier Vueling after buying up 44.7 percent of its shares, it said Tuesday.

IAG, which owns British Airways and Spanish flag-carrier Iberia, had to raise its bid from seven to 9.25 euros per share after Vueling's board rejected an earlier offer.

In a statement to the Spanish stock market regulator, IAG said that after buying the shares in a public offering it now controlled 90.51 percent of Vueling, in which it previously held 45.85 percent through a stake held by Iberia.

abb/rlp/rl

International Airlines Group

http://www.globalpost.com/dispatch/news/afp/130423/britains-iag-gains-90-control-spains-vueling