IAG to re-negotiate Air Europa price tag

LONDON - IAG revisits the takeover of Air Europa to negotiate a reduced price with current owner, Spanish tour operator Globalia, "Bloomberg" reports. The parties agreed in November 2019 on a 1.1 billion euro valuation for Air Europa. The deal is supposed to be closed in the second half of 2020.

In principle, IAG adheres to the takeover plan. Globalia and IAG did not comment on the report.

Besides British Airways, IAG already includes Iberia, Vueling, Aer Lingus and Level. Air Europe is Spain's third largest airline. Current airline values are not easy to establish, according to "Bloomberg" sources. The share price of IAG slumped more than 60 percent this year amid Covid-19 inflicted industry crisis.