Aer Lingus rejects takeover bid from British Airways owner IAG
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Version 0 of 1. Irish airline Aer Lingus has rejected a takeover bid by the International Consolidated Airlines Group, the parent company of British Airways. Shares in the Dublin-based carrier surged by as much as 21 percent Thursday amid rumors of a possible bid. Those gains were pared after IAG issued a statement confirming its proposal had been rejected by the Aer Lingus board. Analysts long have seen IAG as a likely bidder for Aer Lingus. IAG chief executive Willie Walsh was previously chief executive of Aer Lingus before the formerly state-owned airline's 2006 privatization. Aer Lingus operates a substantial European short-haul network and a half-dozen routes to the United States. In recent years it has struggled to compete with larger Dublin-based rival Ryanair, which has mounted three failed takeover bids. Additional reporting PA |