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10 AUGUST 2020

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Article from BTNews 10 AUGUST 2020

Air Europa price?

In what will probably be his last major involvement before stepping down as CEO of IAG, Willie Walsh is being tight-lipped over the Group’s £900m bid for Spanish low-cost rival Air Europa.

Some are suggesting that the price is far too high and that a 50% reduction is required.

Critics say IAG should abandon the deal and use the cash to save jobs. It has also been accused by unions of stitching up the aviation market in Spain because it accepted £900m of Covid-related loans guaranteed by the Spanish state.

IAG argues the Air Europa takeover will give its existing airlines in the country – Iberia and Vueling – dominance at the country's largest airport, Madrid, and on routes to South America.

The influence of IAG's Spanish arm has become apparent after boss – and former BA chief – Willie Walsh lined up Iberia head Luis Gallego as his successor, to take over in September

www.aireuropa.com

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