🤑 It doesn’t get more affordable. Grab this 60% OFF Black Friday offer before it disappears…CLAIM SALE

IAG says Aer Lingus would continue to work with long-haul rivals - source

Published 26/06/2015, 21:23
© Reuters. An Aer Lingus plane taxis before take off at Dublin airport
0RYA
-
ICAG
-
AERL
-
VA
-

(Reuters) - Seeking to win approval for its proposed takeover of Aer Lingus (I:AERL), British Airways owner IAG (L:ICAG) has told EU officials the Irish carrier would maintain commercial deals with its rivals on long-haul flights via London, a source told Reuters.

The European Commission said on Thursday that it had extended the deadline for its decision on whether to approve IAG's 1.3-billion-euro ($1.5 billion) bid for the Irish airline to July 15 after receiving competition concessions, but it did not give any details.

The source, who has knowledge of IAG's submission of proposed concessions, also told Reuters that IAG had not offered to surrender any slots at London's Heathrow Airport currently controlled by IAG or Aer Lingus following the proposed takeover.

IAG said its engagement with the Commission was ongoing and that it would be inappropriate to comment further at this stage.

The European Commission declined to comment.

IAG rival Virgin Atlantic Airways Ltd (UL:VA) currently has a cooperation agreement with Aer Lingus, whereby it can sell long-haul tickets including Aer Lingus connecting flights. It has voiced concerns that the proposed takeover could affect competition.

IAG's Aer Lingus bid is conditional on agreement from Europe's biggest budget airline Ryanair (I:RYA), which has a 30 percent stake and has indicated it may wait for the deal to secure EU approval before making a decision.

($1 = 0.8964 euros)

© Reuters. An Aer Lingus plane taxis before take off at Dublin airport

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.