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Vueling shareholders accept IAG EUR9.25 per share offer to acquire 90% of carrier

24-Apr-2013 8:55 AM

Vueling shareholders accepted (23-Apr-2013) International Airlines Group's (IAG) offer of EUR9.25 to acquire 90.51% of Vueling shares. The offer was accepted by 82.48% of Vueling shareholders and the carrier now becomes a standalone company within IAG, with Vueling CEO Alex Cruz reporting to IAG CEO Willie Walsh. The total cost of the acquisition is EUR123.5 million. Mr Walsh said, "Vueling is a great airline and will be a welcome addition to IAG where it will benefit from the group's financial strength. We plan to retain Vueling's current business model and management structure and its strong base in Barcelona." Mr Cruz commented, "...the Board considered that the price per share offered by IAG was fair. But more importantly...the full integration of Vueling into the IAG structure offers significant strategic opportunities for future growth and development...I am convinced that Vueling will maintain the dynamism, innovative spirit and competitiveness that are the foundations of its success. Those attributes, along with a reinforced presence in IAG, will allow us to continue to grow and consolidate our position as a unique player in European commercial aviation." [more - original PR - IAG] [more - original PR - Vueling CEO]