LONDON—British Airways parent IAG said Thursday it would extend
its offer period for the takeover of Aer Lingus two weeks as it
seeks to close a deal that has won regulatory approval.
The offer period was due to close on Thursday but will now be
extended until 1 p.m. local time on July 30, IAG Chief Financial
Officer Enrique Dupuy de Lô me said in a statement.
The moves comes after IAG won backing from Aer Lingus
shareholders for route guarantees that are key to its planned
takeover of the Irish carrier in one of the final steps to complete
the deal.
In addition to the shareholder approval voted on during an
extraordinary shareholder meeting, Mr. Dupuy said the company has
been informed by the U.S. Justice Department the regulator had
"satisfactorily concluded" its review of the transaction. The U.S.
backing also was a condition of the offer.
Aer Lingus's board had accepted a takeover offer from IAG in
January in a deal that values Ireland's national flag carrier at
around €1.4 billion.
International Consolidated Airlines Group SA, as IAG is formally
known, on Tuesday won backing from the European Commission for the
deal following concessions by both carriers. Magrethe Vestager, the
European Union's antitrust chief, said IAG and Aer Lingus had made
"significant concessions" that include the airlines giving up five
daily takeoff and landing slots at London Gatwick airport.
The steps this week clear some of the last obstacles IAG faced
to add Aer Lingus to its stable of carriers that includes Spain's
Iberia and budget unit Vueling SA.
Ryanair Holdings PLC, which acquired about 29.8% of Aer Lingus
shares as part of its own unsuccessful takeover of the carrier,
said recently it would sell its stake. The Irish government, Aer
Lingus's second-largest shareholder with 25.1%, had said it backs
the deal after IAG made service guarantees to Ireland. The
government on Thursday formally accepted the IAG offer after
shareholders approved the route guarantees.
Write to Robert Wall at robert.wall@wsj.com
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