9th Jan 2019 07:48
LONDON (Alliance News) - Brussels has warned International Consolidated Airlines Group SA that its plans to continue flying freely in and around Europe in the event of a no-deal Brexit do not work, the Financial Times reported on Tuesday.
The newspaper said European airlines will have to show they are more than 50% EU-owned and controlled to retain flying rights in the bloc. The FT said British Airways owner IAG has to reach that threshold after Brexit, when UK nationals will no longer count towards the tally.
IAG, which also owns the Spanish flag carrier Iberia, is registered in Spain but headquartered in the UK.
The FT said IAG believes that if a local body owns the voting rights of individual airlines, then it will fulfil the EU's "ownership and control" criteria. If the EU does not accept this, the company will have to buy out many of its non-EU shareholders or face losing its airlines' EU flying rights following a no-deal Brexit.
https://www.ft.com/content/35ff12b0-1328-11e9-a581-4ff78404524e
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