IAG recognises that Globalia is negotiating the sale of Air Europa with other airlines; confirms it is not looking for alternative investments

Air EuropaIAG group takes up 20% stake in Air Europa

Link Securities | The CEO of IAG, Luis Gallego, still left the door open to reaching an agreement with Globalia for the acquisition of Air Europa. However, he also recognises that the Hidalgo family holding is negotiating with other airlines, according to Cinco Dias. He acknowledged this in a meeting with the press after IAG’s results presentation. “This is a strategic purchase for Iberia and IAG, as well as for Spain and the Barajas hub. In December the operation, as it had initially been conceived, was abandoned, and we gave ourselves a deadline to look for a solution. In this time, Globalia has been looking at other options and is talking to at least one other airline,” Gallego flagged. Whatsmore, he said that Iberia and IAG are not currently looking for alternative investments, after paying Globalia an advance of 75 million euros which would be discounted from the final price: 40 euros for the breakdown of the first acquisition project and another 35 million to avoid litigations and continue conversations. “They wanted more money even before the Comptetion authorities approved the transaction. This represents a financial risk for us,” he told the media.