Jul. 15, 2015, 3:11 AM
- International Airlines Group's (OTCPK:ICAGY) €1.4B takeover of Aer Lingus (OTC:AIRXY) has cleared its final hurdle after getting the green light from the European Commission.
- To gain the approval, IAG had to give up five daily take-off and landing slots at London's Gatwick airport and guarantee that Aer Lingus would maintain connecting flights to competing airlines.
- Previously: Ryanair backs IAG's Aer Lingus offer (Jul. 10 2015)
Jul. 10, 2015, 3:53 AM
- Ryanair (NASDAQ:RYAAY) has voted to accept an offer from IAG (OTCPK:ICAGY) for its 29.8% stake in Aer Lingus (OTC:AIRXY), paving the way for the British Airways-owner's €1.3B takeover of the Irish carrier.
- The board "believes that the current IAG offer maximizes Ryanair shareholder value," the Dublin-based company said in a statement.
- European Union approval is now seen as the last remaining hurdle for the proposed deal.
- Previously: IAG outlines concessions for Aer Lingus deal (Jun. 25 2015)
- Previously: Ireland backs sale of Aer Lingus, Ryanair next? (May. 27 2015)
Jun. 25, 2015, 7:06 AM
May 27, 2015, 1:48 AM
- The Irish government has agreed to sell its 25% stake in Aer Lingus (OTC:AIRXY) to IAG (OTCPK:ICAGY), clearing the way for the owner of British Airways and Iberia to make a formal bid for the Irish carrier.
- IAG's proposed €1.36B ($1.48B) offer for Aer Lingus was recommended by the Irish airline's board in January but is still conditional on receiving the support of its other main shareholder, Ryanair (NASDAQ:RYAAY).
- Previously: IAG to press Aer Lingus bid with new proposals (Mar. 01 2015)
Mar. 1, 2015, 10:43 AM
- British Airways owner IAG (OTCPK:ICAGY) will make "concrete proposals" to the Irish government next week to try and convince it to sell its 25% stake in Aer Lingus (OTC:AIRXY), the Sunday Business Post reports.
- The Irish government rebuffed IAG's latest €1.36B bid last Tuesday, saying it needed more assurances on jobs and growth prospects before it would consider selling the stake.
Feb. 23, 2015, 4:51 AM
- Aer Lingus' (OTC:AIRXY) Central Representative Council, a trade union group representing the carrier, has reversed its position and said it will now back a takeover approach by IAG (OTCPK:ICAGY) after it laid out its growth plans for the Irish airline.
- Aer Lingus' board recommended the €1.36B offer from the British Airways' parent last month, subject to the Irish government selling its 25%, but political and trade union opposition has been significant.
Jan. 30, 2015, 4:33 AM
- Further strengthening the ties between Middle East growth carriers and Europe’s aviation sector, Qatar Airways has acquired a 9.99% ($1.7B) stake in International Consolidated Airlines Group (OTCPK:ICAGY), the owner of British Airways and Iberia.
- The transaction deepens the Qatar’s link with the London Heathrow hub; Qatar Holdings owns 20% of the airport operator.
- IAG has also been reported to be looking at expanding its hold on London Heathrow with the potential takeover of Aer Lingus (OTC:AIRXY).
Jan. 27, 2015, 6:15 AM
- Aer Lingus (OTC:AIRXY) says its board of directors would be willing to recommend that shareholders accept the latest takeover bid from International Consolidated Airlines Group (OTCPK:ICAGY), the owner of British Airways and Iberia, if certain conditions were met.
- The Irish carrier previously rejected two takeover offers late last year.
- IAG needs to win the backing of budget airline Ryanair (NASDAQ:RYAAY), which holds a 29.8% stake in Aer Lingus, and the Irish government, which holds a 25.1% stake.
- Previously: Aer Lingus considering sweetened bid from IAG (Jan. 26 2015)
Jan. 26, 2015, 4:26 AM
- Aer Lingus (OTC:AIRXY) is considering an improved €1.36B takeover proposal from International Consolidated Airlines Group (OTCPK:ICAGY), the third attempt by the owner of British Airways and Iberia to buy its Irish rival.
- The proposal includes a cash offer of €2.50 per share and a cash dividend of €0.05 per share.
- Buying Aer Lingus would give IAG more take-off and landing slots at London Heathrow Airport, the main hub of British Airways.
- Previously: IAG returns with new bid for Aer Lingus (Jan. 25 2015)
Jan. 25, 2015, 4:37 AM
- International Consolidated Airlines Group (OTCPK:ICAGY), the owner of British Airways and Iberia, has made another takeover approach to Aer Lingus (OTC:AIRXY), offering €2.50 per share, or around €1.3B euros in total for the Irish airline, Sky News reports.
- Buying Aer Lingus would give British Airways more take-off and landing slots at London Heathrow Airport and would likely improve the Irish carrier's profitability by combining some operations with those of IAG.
- An acquisition would also need the backing of budget airline Ryanair (NASDAQ:RYAAY), which holds a 29.8% stake in Aer Lingus, and the Irish government, which holds a 25.1% stake.
International Airlines Group is one of the world's largest airline groups with 377 aircraft flying to 200 destinations and carrying more than 54 million passengers each year. It is the third largest group in Europe and the sixth largest in the world, based on revenue.<br /><br />Formed in... More
Sector: Industrial Goods
Industry: Aerospace/Defense Products & Services
Country: United Kingdom
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