IAG chief mulls acquisitions in South America

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IAG International Airlines Group chief executive Luis Gallego has said in an interview that the holding company is always looking at acquisition opportunities that may arise in the market and does not discard the possibility of buying into an airline in South America.

In an interview with the Financial Times, he said IAG “always has other options on the radar" if the European Commission opts to block its planned acquisition of Air Europa (UX, Palma de Mallorca) via IAG subsidiary Iberia (IB, Madrid Barajas), including bidding for TAP Air Portugal (TP, Lisbon) or a South American carrier.

Nonetheless, the group is confident that Brussels will greenlight its Air Europa merger, especially following its clearance of Lufthansa Group’s proposed EUR325 million euro (USD353 million) bid for a 41% stake in Italy’s state-owned ITA Airways (AZ, Rome Fiumicino). IAG is looking to acquire the remaining 80% of Air Europa's issued share capital from current owner Globalia.

The holding is a consolidation platform; it was created this way, and “we’re always looking at possibilities in the market,” an IAG representative told ch-aviation.

In the past, the International Airlines Group’s top management has signalled its interest in buying TAP Air Portugal, which would allow it to expand its footprint to Portuguese-speaking long-haul markets such as Brazil and several countries in Africa.

IAG is the parent company of British Airways, Iberia, Vueling Airlines, Aer Lingus, and LEVEL.

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Source link : https://www.ch-aviation.com/news/142562-iag-chief-mulls-acquisitions-in-south-america Author : Publish date : 2024-07-17 06:46:10 Copyright for syndicated content belongs to the linked Source .