International Airlines Group-IAG (London) is seeking to delist Vueling Airlines (Barcelona) from the Spanish stock exchanges as it nears complete control. The IAG has issued this statement:
International Airlines Group’s (IAG) subsidiary Vueling has called a general shareholders’ meeting on June 27, 2013 to approve the delisting of Vueling’s shares from the Spanish stock exchanges.
The delisting tender offer will be €9.25 per share. Vueling will be delisted from the Barcelona, Bilbao, Madrid and Valencia stock exchanges upon successful completion of the offer.
Since April 26 2013, IAG Group has owned 90.51 per cent of Vueling. This follows a cash tender offer for the Vueling shares that were not already owned by IAG’s subsidiary Iberia which has a 45.85 per cent holding. Acceptance of the original cash tender offer of €9.25 euro per share was recommended by the Vueling board on April 9, 2013.
Vueling is a Spanish low cost carrier based in Barcelona. It will remain a standalone operating company within IAG with its chief executive Alex Cruz reporting into IAG chief executive Willie Walsh.
Copyright Photo: Rolf Wallner/AirlinersGallery.com. A nice ramp portrait of Airbus A319-112 EC-LRZ (msn 3700) at Zurich (click on the photo for the full-size view).
Video: Alex Cruz in a video interview (last Year):