4th May 2018 13:26
LONDON (Alliance News) - Norwegian Air Shuttle ASA confirmed on Friday that it has rejected two takeover offers from British Airways owner International Consolidated Airlines Group SA.
The Norwegian airline said it received two separate conditional proposals from IAG, which were unanimously rejected.
Last month, IAG acquired a 4.6% interest in Norwegian Air.
Norwegian Air said the value of the offers, which were not disclosed, undervalued the company and its prospects. Shares in Norwegian Air were down 9.0% in Oslo.
"The board of Norwegian Air remains fully committed to delivering on its stated strategy, for the benefit of all shareholders," the company said.
International Consolidated Airlines Group on Friday reported a rise in profit in the first quarter of 2018, as passenger revenue grew.
London-listed shares of IAG were up 5.1% at 673.00 pence, the second best performer on the FTSE 100.
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