IAG 'makes fresh bid for Aer Lingus'

GMT 21:51 2015 Saturday ,24 January

Arab Today, arab today IAG 'makes fresh bid for Aer Lingus'

Aer Lingus
London - AFP

International Airlines Group, parent of British Airways and Iberia, has tabled a higher offer for Aer Lingus after two previous bids were rejected by the Irish carrier, reports said Saturday.
Sky News television and the Financial Times newspaper said that IAG had presented a fresh offer, while the companies could provide details in statements to the market on Monday.
IAG has made an all-cash offer worth at least 2.50 euros a share for Aer Lingus, valuing the Dublin-based airline at more than 1.3 billion euros ($1.45 billion), according to Sky News.
The Financial Times, also quoting people close to the matter, said the revised bid was valued at 1.34 billion euros.
Aer Lingus has since December rejected bids of 2.40 euros and 2.30 euros a share for the group.
Irish low-cost rival Ryanair is the biggest single shareholder in Aer Lingus and has itself made three failed attempts to buy the airline since 2007.
Ryanair owns about 30 percent and the Irish state's holding is one-quarter of Aer Lingus.
IAG chief executive Willie Walsh meanwhile was boss of Aer Lingus between 2001 and 2005, before he took the reins at British Airways.
BA and Iberia subsequently merged in 2011 in a tie-up aimed at slashing costs amid a fierce economic downturn that boosted demand for low-cost competitors and sparked steep losses for traditional carriers.


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