Vueling shareholders accept IAG offer

Vueling, the Spanish low cost carrier based in Barcelona, is to become part of International Airlines Group (IAG) after the majority of its shareholders accepted IAG’s cash tender offer for the airline, following recommendation by the Vueling board. IAG’s subsidiary Iberia already owns 45.85% of Vueling’s shares and Iberia’s board agreed not to tender them in the offer. The Spanish National Securities Market Commission (CNMV) has announced that 82.48% of the remaining shareholders have accepted IAG’s offer of €9.25 per share. Therefore, the IAG group will own 90.51% of Vueling. The cost of purchasing the Vueling shares is €123.5m. Vueling will be a standalone company within IAG with its chief executive Alex Cruz reporting into IAG chief executive Willie Walsh.