Contributor - Europe

Cathy Buyck

International Airlines Group (IAG) has lost interest in the possibility of adding Norwegian Air Shuttle to its portfolio of airlines and will sell the remaining stake it owns in the Oslo-based low-cost carrier, which in December launched a restructuring and cost-cutting program to strengthen its financial footing.

 


“IAG confirms that it does not intend to make an offer for Norwegian Air Shuttle ASA (Norwegian) and that, in due course, it will be selling its remaining 3.93 percent shareholding in Norwegian,” the company’s CFO Enrique Dupuy de Lôme said in a brief stock market update on Thursday.

 


An IAG spokeswoman told AIN the group would not go into detail about why it had changed its mind. “We wish Norwegian all the success in the future,” she said.

 


IAG,&nbsp;the parent company of British Airways, Iberia, Vueling, Aer Lingus, and Level, bought a 4.61 percent shareholding in Norwegian in April last year, noting that it “intended to establish a position from which to initiate discussions with Norwegian, including the possibility of a full offer.” Norwegian rejected two conditional proposals for a full takeover from IAG, claiming it undervalued the company. IAG CEO Willie Walsh, however, repeatedly stated he would not get drawn into a bidding war for Norwegian, ruling out a hostile takeover approach.

 


Commenting on the IAG announcement today, chairman of the Norwegian board&nbsp;Bjørn Kise&nbsp;emphasized no plans for a strategic course correction. “Norwegian’s plans and strategy remain unchanged,” he said. “The company’s goal is to continue building a sustainable business to the benefit of its customers, employees,&nbsp;and shareholders.”

News about commercial airlines, including regulations, aircraft orders, safety, acquisitions, and mergers.

IAG To Sell Its Stake in Norwegian Air Shuttle 

The British Airways parent confirms that it does not plan to bid for the low-cost carrier. 

2024 Corporate Aviation Leadership Summit

Charles Alcock

News and developments about airplanes, helicopters and unmanned air vehicles used in all varieties of operations, including airlines, military, business, commercial, general aviation and private.

News about environmental issues relating to aircraft operations, including noise issues, emissisions, and regulations. See Fuel for biofuel.

News and issues relating to international air transport and cargo carriers, national airlines and regional airlines, including aircraft, engines, personnel, acquisitions, accidents, safety, security and training.

Agreement between start-ups could lead to orders for up to 15 aircraft

Skyhop Plans Island Routes With Noemi's Electric Seaplane

Howard Hardee

Airline plans to gradually replace its Embraer E-Jet fleet

A220’s Performance Drives BermudAir’s Fleet Growth

Partners say eVTOLs could accelerate response times in crowded Indian cities

Air India Backs SkyDrive Emergency Medical eVTOL Plans

News and issues relating to the aerospace industry that are related to the science, engineering and business of flight in space involving civil, industrial and military applications, and similar topics related to flight in the atmosphere of the Earth that are not covered more directly by other AINonline subject channels. In other words, both astronautical and aeronautical subjects, except for those aeronautical topics that are specifically covered elsewhere on this website.

Rival Boeing arguably claimed bragging rights at the Farnborough International show

Airbus Balances Shareholder Returns and New Aircraft

New developments at airports including regulations and noise issues; legal disputes; openings, acquisitions and mergers.

Connections to London Heathrow and Manchester airports will start first

Virgin Firms Up eVTOL Air Taxi Alliance with Joby

News and developments about everything that goes into the cabin of an aircraft, from floor coverings to headliners, with a special emphasis on in-flight entertainment, communications and other electronics for passengers. If it is in the cabin of an aircraft, it’s covered here.

More In Airlines

Skyhop Plans Island Routes With Noemi's Electric Seaplane

Agreement between start-ups could lead to orders for up to 15 aircraft

A220’s Performance Drives BermudAir’s Fleet Growth

Airline plans to gradually replace its Embraer E-Jet fleet

Air India Backs SkyDrive Emergency Medical eVTOL Plans

Partners say eVTOLs could accelerate response times in crowded Indian cities

Airbus Balances Shareholder Returns and New Aircraft

Rival Boeing arguably claimed bragging rights at the Farnborough International show

Virgin Firms Up eVTOL Air Taxi Alliance with Joby

Connections to London Heathrow and Manchester airports will start first

ATR Chases New Regional Markets for Twin Turboprops

Iran war and wider geopolitical pressure stall buying decisions

Embraer Racks Up E-Jet Orders at Farnborough

30 firm orders led by Abra

Gulf Air May Buy JetZero’s Blended-wing-body Z4

Japan Airlines also expresses interest at Farnborough Airshow

AIN Products

SUBSCRIPTIONS

RESOURCES

ABOUT AIN