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Wed, May 09, 2018

Norwegian Says 'No' To IAG Takeover Bid

Says The Larger Group Is Undervaluing The Budget Carrier

International Airline Group has tendered two offers to take over Norwegian Airlines, which the budget carrier has rejected saying that the offers "undervalue" the airline.

Buying Business Travel reports that IAG, which owns both British Airways and Iberia, acquired a 4.61 stake in Norwegian in April specifically to establish "a position from which to initiate discussions" for a takeover bid. And while Norwegian did post a net loss in 2017, the carrier's recently-implemented strategy of strategic investments, adding new routes, and updating its fleet seem to be making a difference. Norwegian's first quarter results showed some improvement over the previous year.

IAG released a statement saying that it had failed to reach an agreement with Norwegian and was "considering its options" going forward.

(Image from file)

FMI: Original report

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