• Chief Executive Officer

  Filed under News
  Aug 10

  EFE Iberia has pledged not to accept the offer and maintain 45,85% of the share capital of Vueling, which owns. The announcement of the takeover bid occurs one day before the IAG, the fusion between Iberia and British Airways presented its results in the first nine months of the year. Iberia looks to launch a takeover bid for 100 percent of Vueling. International Airlines Group (IAG), fruit of the merger of Iberia and British Airways, will launch a takeover bid for 100% of the airline Vueling 209.3 million euros, the group reported this to the Commission national del Mercado de Valores (CNMV). However, Iberia has pledged not to accept the offer and keep 45,85% of the share capital of Vueling, which it is the owner, so the offer is extended to 16.193.297 shares representing 54,15% of its share capital, valued at 113.3 million euros. The offer shall apply to all actions of Vueling, accordingly to all owners at a price of 7 euros by contacting title, which represents a premium of 27,97% over the current quote, which, at close of the session on Wednesday, stood at 5.47 euros in the Spanish stock market (EUR 163,5 million). The announcement of the takeover bid occurs one day before the IAG present their results in the first nine months of 2012 and expected report of the feasibility Plan of Iberia.

  The offer, which is expected to be completed during the spring of 2013 and has no obligation to obtain authorization from any other administrative authority Spanish or foreign different from the CNMV, shall be made by nimble Holdco, a subsidiary wholly owned by IAG, exclusively in the Spanish market, which is the only one where traded the shares of Vueling. IAG intends to maintain the management of Vueling as a society independent operator, with a business model different from the rest of societies operators group., as well as the current management team of Vueling, chaired by former Minister Josep Pique and Chief Executive Officer, Alex Cruz. It is expected that the integration of Vueling in the UK holding reinforce the geographical diversification of the group, reaching a position of leadership in Barcelona and growth in the rest of Europe. Likewise, the operation will allow group have a low cost platform, generate possible synergies in procurement and financing, costs although is expected are not significant; and result in an increase in the consolidated net profit of IAG since the first year of integration. See more: the takeover of Iberia about Vueling could amount to 209 million.

  Tagged as: art, bag, noticias-actualidad, role
  
  Comments Off on Chief Executive Officer

Comments are closed.