IAG International Airlines Group will implement a share purchase programme between July 1 and August 2 to hedge its share delivery requirement to Globalia as part of Iberia’s proposed acquisition of the remaining 80pc of Air Europa.
IAG plans to acquire up to 27,064,575 ordinary shares during the programme which represents 0.5pc of its share capital as of July 1, with a maximum budget of EUR 70 million for the buyback.
The shares will be acquired on IAG’s behalf by Goldman Sachs and held in treasury, with the option to utilize them for share awards to executives and employees if the Air Europa acquisition does not proceed.
The European Commission is evaluating IAG’s remedy package for the Air Europa acquisition with a decision deadline of August 20, with the potential for further extensions or delays in the final decision-making process.
