4th Nov 2019 15:27
(Alliance News) - The boss of budget airline Ryanair Holdings PLC said Monday the Irish firm would call on regulators to force divestments from rival International Consolidated Airlines Group SA as part of its deal to buy Spanish firm Air Europa, Reuters reported.
Ryanair Chief Executive Officer Michael O'Leary told analysts during a call after the acquisition was announced that he thought it was a "good deal" for British Airways-owner IAG but that it was a "bad deal from a competition point of view."
"It is a merger to monopoly in Madrid and I think we would certainly be looking for the competition authorities to require some competition divestments, particularly in the Air Europa short-haul," O'Leary added.
https://uk.reuters.com/article/uk-air-europa-m-a-ryanair-hldgs/ryanair-to-seek-divestments-as-part-of-iags-air-europa-purchase-idUKKBN1XE10W
Shares in Ryanair were 8.1% higher at EUR13.50 in London on Monday, IAG up 1.4% at 550.18 pence.
Earlier on Monday, IAG said it acquired Spanish airline Air Europa for EUR1 billion in cash from Globalia. Air Europa operates domestic and international flights to 69 destinations, including long-haul routes to Latin America, the US and North Africa.
By Ahren Lester; [email protected]
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