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British Airways parent IAG reportedly plans to offer €1.52bn for Norwegian Air Shuttle

IAG is understood to have proposed a deal that values Norwegian Air Shuttle at 300 crowns per share

IAG
The offer represents a 32% premium to Friday’s closing price

British Airways owner International Consolidated Airlines Group PLC (LON:IAG) plans to offer €1.52bn for Norwegian Air Shuttle, according to Spanish newspaper Expansion.

Following two unsuccessful approaches, IAG is understood to have proposed a deal that values its rival at 300 crowns per share, which represents a 32% premium to Friday’s closing price.

READ: British Airways owner IAG takes stake in Norwegian Air as launch pad for possible bid

The news comes after IAG said on Friday that it was not expecting to announce a bid to buy Norwegian soon and ruled out a hostile offer.

In April, IAG disclosed that it had bought a 4.61% stake in Norwegian with a view to make a full offer for the airline.

"The minority investment is intended to establish a position from which to initiate discussions with Norwegian, including the possibility of a full offer for Norwegian," IAG said at the time.

In early afternoon trading in London, IAG shares were 0.6% higher at 687p.

 -- Adds share price --

Quick facts: International Consolidated Airlines Group

Price: 286.299 GBX

LSE:IAG
Market: LSE
Market Cap: £5.68 billion
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